PTC price target lowered to $195 from $200 at Citi

Citi lowered the firm’s price target on PTC (PTC) to $195 from $200 and keeps a Neutral rating on the shares ahead of the earnings report. The firm’s reseller survey results were mixed with quota achievements below their historical average while next 12 months growth expectations “seem healthier” with resellers expecting double-digit growth. Citi expects an inline quarter but prefers Ansys (ANSS) over PTC, saying the firmer is more resistant to macro headwinds in autos.