Rosenblatt analyst Blair Abernethy lowered the price target on PTC Inc. (NASDAQ: PTC) to $190.00 (from $220.00) while maintaining a Buy rating.

The analyst comments "On March 16th, PTC completed the divestiture of its slower growing Kepware industrial connectivity and ThingWorx Internet of Things (IoT) businesses to TPG (the deal was originally announced on November 5th, 2025). The transaction generated gross cash of $523m ($2m below prior estimate of $525m). PTC announced that it will use the net after-tax proceeds of $375m (adjusted $110m cash taxes and $40m other costs related to the divestiture) for share repurchases and will enter into an accelerated share repurchase agreement in Q2 FY26 with the final settlement expected in Q3 FY26. We view this divestiture as a medium-term positive as it enhances PTC’s focus on ARR and FCF growth in its PLM and SaaS offerings, and work to build upon its AI product feature investments. With this note, we are adjusting our estimates for FY26-27 (largely reflecting the divestiture) and trimming our target price to $190 (was $220). We remain Buy rated on the stock."