PTC upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded PTC to Overweight from Neutral with a price target of $200, up from $130. Despite a mixed macro environment with elongated closing cycles and slowing IT budgets, PTC has delivered consistent annual recurring revenue with materially improved cash margins, the analyst tells investors in a research note. The firm sees a “potentially refreshed level of credibility” from a new CEO around operating expenditures and a more tightly managed financial model. The 20% upside the firm sees in the shares screens well versus an industrial software group that offers less upside, says the analyst.