PTC price target raised to $175 from $165 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on PTC to $175 from $165 and keeps an Outperform rating on the shares. The company’s Q3 results were highlighted by 14% organic constant-currency ARR growth, which accelerated by 100bps sequentially, and the announced CEO transition was announced was done from a position of strength and a logical next step for PTC, the analyst tells investors in a research note.