Jefferies Downgrades Parametric Technology (PMTC) to Hold

Jefferies downgraded Parametric Technology (NASDAQ: PMTC) from Buy to Hold with a price target of $21.00 (from $25.00).

The firm comments, "We downgrade PMTC as our most recent field work points to further deterioration of demand. Many aspects of our Buy thesis (including op margin expansion) remain an opportunity, but weaker demand means it will be slower to realize. The F2Q12 miss reset expectations, but we now expect organic growth to remain lower for longer."

FY12 EPS goes from $1.43 to $1.42 and FY13 goes from $1.61 to $1.60.

For an analyst ratings summary and ratings history on Parametric Technology click here. For more ratings news on Parametric Technology click here.

Shares of Parametric Technology closed at $20.96 yesterday.

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