PTC down; BNP Paribas initiates with 'neutral' rating on near-term challenges
BUZZ-PTC down; BNP Paribas initiates with 'neutral' rating on near-term challenges ** Shares of software firm PTC PTC.O slip 2.8% to $113.69
** BNP Paribas initiates PTC with "neutral" rating and $130 PT, implying ~11% upside to the stock's last close
** "We believe the company has a strong position in high-end design and the potential to gain market share longer term, but that investors will need to see meaningful improvement to top-line growth before valuation improves" - brokerage
** Says PTC's current growth has been mainly driven by price increases and it sees limited near-term upside potential from upsell or market share gains
** 12 of 21 brokerages rate the stock "buy" or higher, eight "hold" and one "sell"; their median PT is $185 - data compiled by LSEG
** Up to last close, stock down ~33% this year
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))
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