PTC price target lowered to $220 from $225 at BMO Capital

BMO Capital lowered the firm’s price target on PTC (PTC) to $220 from $225 but keeps an Outperform rating on the shares. The company delivered a generally solid Q1 result with annual recurring revenue – ARR – growing 10.5% y/y and modest free cash flow upside, though as go-to-market changes ramp, strong execution will be needed, particularly 4Q, to hit the ARR guide, the analyst tells investors in a research note.