Wedbush Raises Price Target on PTC (PTC) After Adjusting Estimates
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Wedbush reiterated an Outperform rating on PTC Inc. (NASDAQ: PTC), and raised the price target to $56.00 (from $54.00). Management expects to achieve its prior FY21 targets a year earlier, and raised its FY21 expectations by $75M in FCF (to $525M), $0.40 in EPS (to $4.15), and 200 bps in operating margin (to 33% implied).
Analyst Steve Koenig commented, "Our waterfall model suggests PTC’s increase to its long-term revenue, EPS, and cash flow guidance is well grounded in its FY16 model transition progress. This progress bodes well for long-term shareholder value, given higher FY21 EPS and cash flow generation, a plan to restart stock repurchases in 2H17 at 40% of FCF, and an intact growth outlook exiting this target year. In addition, prospects for continuing conversion of maintenance customers to subscriptions help to reduce risk and/or provide upside potential. We’re increasing our PT to $56 on a higher long-term DCF ($64), balanced by lower P/E and EV/FCF approaches given pressure on near-term metrics due to its transition."
Shares of PTC Inc. closed at $46.68 yesterday.
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