UPDATE - Canaccord Genuity Downgraded Parametric Technology (PMTC) to Hold; Next Few Quarters Look Tough
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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: 5 | New: 26
Rating Summary:
6 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - Canaccord Genuity downgraded Parametric Technology (NASDAQ: PMTC) from Buy to Hold, price target lowered from $30 to $24.
Analyst, Richard Davis, said, "On Thursday PTC negatively preannounced its March quarter results – a $13M license and $0.07 non-GAAP EPS miss. While we believe in the firm’s technological leadership in PLM as well as long-term prospects for 20%+ annual EPS growth, we likewise think it will take few quarters of solid execution to regain investor conviction. In the meantime, we think it’s likely that PMTC shares grind in the low $20s, which to us is a HOLD."
Davis sees risk in shares falling another 5-20%, but acknowledges there is a floor around $24 from potential private equity takeout. On near-term trading, momo traders that bought the upswing will probably taking a breather, but new investors might buy-in in the high-teens.
Analyst, Richard Davis, said, "On Thursday PTC negatively preannounced its March quarter results – a $13M license and $0.07 non-GAAP EPS miss. While we believe in the firm’s technological leadership in PLM as well as long-term prospects for 20%+ annual EPS growth, we likewise think it will take few quarters of solid execution to regain investor conviction. In the meantime, we think it’s likely that PMTC shares grind in the low $20s, which to us is a HOLD."
Davis sees risk in shares falling another 5-20%, but acknowledges there is a floor around $24 from potential private equity takeout. On near-term trading, momo traders that bought the upswing will probably taking a breather, but new investors might buy-in in the high-teens.
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