PTC price target raised to $211 from $205 at KeyBanc

KeyBanc raised the firm’s price target on PTC (PTC) to $211 from $205 and keeps an Overweight rating on the shares. The firm notes PTC posted inline Q1 C.C. ARR growth of 10.6%. The company is maintaining its FY25 C.C. ARR guide of 9%-10%, and issued a modestly lower Q2 C.C. ARR guide, which KeyBanc’s believes is likely conservative, as the company remains prudent around the ongoing GTM realignments.