PTC price target raised to $220 from $175 at Loop Capital

Loop Capital raised the firm’s price target on PTC to $220 from $175 and keeps a Buy rating on the shares after its Q1 earnings beat. The company delivered solid organics annual recurring revenue growth of 13% y/y in the quarter despite the challenging macro, the analyst tells investors in a research note. PTC has the most comprehensive solutions in the market that has the potential to revolutionize industrial manufacturing environments, while the emerging adoption of the multi-tenant SaaS version of its flagship Windchill and Creo products should provide an additional catalyst to the story over the medium-to-long term, the firm added.