PTC usually sees positive sentiment when manufacturing gains, says Baird

Baird commented on the US Manufacturing report from ISM which moved above a reading of 50 in March and why he contoniues to like PTC shares. He believes there is a credible pathway to 20% annual FCF growth without underwriting meaningful improvement in US manufacturing activity. At same time, manufacturing sentiment does influence investor views on PTC, and rising PMI readings off trough levels have historically coincided with favorable forward returns for PTC stock. Baaird maintains its Outperform rating and $210 price target on PTC shares.