Canaccord Genuity Maintains a 'Buy' on Parametric Technology (PMTC); Investor Update
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Price: $32.38 -0.61%
Rating Summary:
6 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
6 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Canaccord Genuity maintains a 'Buy' on Parametric Technology (NASDAQ: PMTC), PT $28.
Canaccord analyst, Richard Davis, said, "Yesterday, PTC held an investor update in conjunction with the firm’s User Group meeting in Las Vegas. Management’s five-year objective remains unchanged: 20% compound earnings growth through F2014. We believe that if the company can string together a few “no drama” quarters of in-line or better results, PTC will see its multiple expand from one based on revenue growth to earnings (i.e., from the low- to mid-double digits to something closer to the 20x level). If we are correct, PMTC shares should gradually appreciate into at least the high $20s, closing the valuation gap with comparable firms."
"Our unchanged $28 price target is based on an 18x multiple applied to our C2012 non-GAAP EPS estimate of $1.51 plus approximately $1.00 in prospective net cash per share."
For more ratings news on Parametric Technology click here and for the rating history of Parametric Technology click here.
Shares of Parametric Technology closed at $21.82 yesterday.
Canaccord analyst, Richard Davis, said, "Yesterday, PTC held an investor update in conjunction with the firm’s User Group meeting in Las Vegas. Management’s five-year objective remains unchanged: 20% compound earnings growth through F2014. We believe that if the company can string together a few “no drama” quarters of in-line or better results, PTC will see its multiple expand from one based on revenue growth to earnings (i.e., from the low- to mid-double digits to something closer to the 20x level). If we are correct, PMTC shares should gradually appreciate into at least the high $20s, closing the valuation gap with comparable firms."
"Our unchanged $28 price target is based on an 18x multiple applied to our C2012 non-GAAP EPS estimate of $1.51 plus approximately $1.00 in prospective net cash per share."
For more ratings news on Parametric Technology click here and for the rating history of Parametric Technology click here.
Shares of Parametric Technology closed at $21.82 yesterday.
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