PTC price target raised to $206 from $200 at BMO Capital

BMO Capital raised the firm’s price target on PTC to $206 from $200 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company’s results showed in-line annual recurring revenue growth of 11.5% y/y and a slightly lowered exit trajectory for Q4, the analyst tells investors in a research note. Following an unfavorable read-through from PTC’s peer, execution against a tough environment was still solid, BMO added.