PTC price target raised to $170 from $160 at Loop Capital

Loop Capital analyst Yun Kim raised the firm’s price target on PTC to $170 from $160 and keeps a Buy rating on the shares after its Q1 results and guidance raise. Despite starting to face some macro headwinds in the quarter, PTC continued to show solid execution driven by the resiliency of its model, the analyst tells investors in a research note. The firm adds that investors are not appreciating the company’s highly recurring revenue model, which provides a basis for annualized recurring revenue growth in the mid-teens and strong free cash flow growth.