PTC price target raised to $205 from $190 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on PTC to $205 from $190 and keeps an Overweight rating on the shares. The firm notes PTC posted solid Q1 results, beating C.C. ARR by $9M on PLM and Codebeamer strength. Despite the outperformance, FY24 C.C. ARR guidance was maintained and the company issued a modestly lower Q2 C.C. ARR guide, with KeyBanc believing PTC is being prudent and conservative. That said, the firm thinks the company has been executing well and continues to see it as one of the most compelling free cash flow growth stories in software over the next few years.