PTC Inc. (PTC) PT Raised to $125 at Needham & Company

Needham & Company analyst Richard Valera raised the price target on PTC Inc. (NASDAQ: PTC) to $125.00 (from $100.00) while maintaining a Buy rating.

The analyst commented, "PTC's virtual Investor Day, held yesterday, reinforced our positive view on the name. Commentary on near-term business trends was solid, with F1Q21 tracking in line and F21 guidance reaffirmed. On the company's longer term outlook, while it refrained from updating its prior 5-year scenarios, it endorsed an F24 FCF target of $700MM+, implying an impressive 25-30% CAGR off of expected F21 FCF, while also providing new mid-term (i.e. 3-year) targets that appear at least in line with consensus. Despite weathering the COVID downturn better than feared, we still see PTC as our tech software name best-positioned to benefit from a NT cyclical rebound, especially in its IoT and CAD businesses. As such, we reiterate our Buy rating while increasing our PT to $125."

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