Jefferies Cuts Price Target on Parametric Tech (PMTC), Survey Indicates Inline Market Performance

Jefferies is reiterating its Buy rating on shares of Parametric Technology (NASDAQ: PMTC), but is reducing its price target from $27 to $23 to reflect a lower industry multiple.

The firm notes that reseller survey's indicate that growth for the channel is inline with seasonal expectations and is not that much different from June's survey. Jefferies is reaffirming its 2011 and 2012 EPS estimates of $1.23 and $1.44 as they see no evidence of any material concerns.

An analyst at Jefferies comments, "We note that EMEA respondents were slightly more cautious on their sequential growth expectations into 4Q11 than domestic resellers. However on a Y/Y and CY11 basis, EMEA partners’ outlook was inline with the average response from all survey participants."

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 $15.97 yesterday.

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