PTC price target raised to $200 from $160 at Stifel

Stifel raised the firm’s price target on PTC to $200 from $160 and keeps a Buy rating on the shares. The company delivered “another solid quarter,” with Q1 EPS, core FFO, and free-cash-flow above guidance and Street estimates despite a mixed macro backdrop, the analyst tells investors. Further, management reaffirmed all existing FY24 guidance, which Stifel anticipates will prove conservative. Overall, the firm believes PTC has “a number of drivers” to sustain double-digit top-line growth and free cash flow.