PTC downgraded to Hold from Buy at Berenberg

Berenberg downgraded PTC (PTC) to Hold from Buy with a price target of $196, down from $210. The firm says it is not seeing any signs of stabilization in the macro headwinds in PTC’s core end-markets of aerospace and defense and automotive. PTC will continue to be more resilient than its peers in this macro climate, but it is not immune, the analyst tells investors in a research note. Berenberg believes the the upside potential for PTC shares is no longer attractive enough.