Kaufman Bros. Upgrades Parametric Technology (PMTC) to Buy

October 21, 2009 7:29 AM EDT

Kaufman Bros. upgrades Parametric Technology Corp. (Nasdaq: PMTC) from Hold to Buy. Price target increased from $12 to $18.

Kaufman analyst says, "We are increasing our rating and price target on shares of PTC. We believe that the CAD/CAE companies under coverage have been working to be well positioned once there is a turn in the economy. PTC has streamlined its business and is expanding its products and channels. With signs of growth off a bottom we believe that the shares of PTC will be an early beneficiary as design is the first step of the manufacturing process...We are now expecting revenues of $239.9 million and non-GAAP EPS of $0.25 for the September quarter. We had been expecting revenues of $231.2 million and non-GAAP EPS of $0.19. The Street is expecting revenues of $240.0 million and non-GAAP EPS of $0.27. Our fiscal 2010 numbers increase to $959.3 million in revenues and non-GAAP EPS of $0.90 from $949.8 million and $0.80, respectively."

To see more analyst ratings on PMTC Click Here.

Parametric Technology Corporation develops, markets, and supports product lifecycle management (PLM) software solutions and related services enabling companies that enhance their product development processes.

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