PTC price target raised to $210 from $190 at Oppenheimer

Oppenheimer raised the firm’s price target on PTC to $210 from $190 and keeps an Outperform rating on the shares. The firm notes PTC delivered Q1 ARR ahead of consensus estimates, with free cash flow slightly ahead of Street expectations. Oppenheimer expects some to nitpick the prudent Q2 ARR guidance, which the firm called out as an investor concern heading into the print. Oppenheimer remains comfortable that FY24 growth is achievable with the full year outlook unchanged, and incoming CEO Barua expressing confidence in the the second half of the year pipeline. The firm remains positive PTC can deliver about 20% free cash flow/share growth with ARR growing teens, and continued cost disciplined, and views a potential Investor Day as a near-term catalyst.