PTC price target raised to $230 from $202 at RBC Capital

RBC Capital raised the firm’s price target on PTC (PTC) to $230 from $202 and keeps an Outperform rating on the shares. The company delivered a solid Q4 with annual recurring revenue – ARR – essentially in-line and free cash flow ahead of consensus, the analyst tells investors in a research note. RBC adds that it sees PTC’s guidance as conservative as it contemplates possible disruption, while the firm sees a path for ARR estimates to move higher throughout the year.