PTC price target raised by $25 at Oppenheimer, here’s why

Oppenheimer raised the firm’s price target on PTC to $190 from $165 and keeps an Outperform rating on the shares. The firm accompanied incoming CEO Neil Barua, CPO Kevin Wrenn, and Head of IR Matt Shimao in meetings with investors in LA and SF last week. Oppenheimer is “increasingly confident” in the execution of its upcoming CEO transition, the durability of PLM growth, and a more methodical ROI focus to cash flow generation. The outlook for mid-teens ARR growth is not reliant on cloud adoption, but will require some easing of macro, the firm says. Oppenheimer views the upcoming analyst day as a catalyst to crystalize management’s more structured approach towards growth and profitability.