© Reuters. PTC (PTC) could be ‘one of FCF’s best growth stories over the next three years’ – KeyBanc
By Sam Boughedda
The KeyBanc Capital Markets analyst upgraded the shares of PTC (NASDAQ:) to Overweight Sector Weight with a $155 price target on a note on Monday.
“Despite being one of the relatively better performing software stocks in 2022, we are upgrading PTC to Overweight in our view that the company could be one of FCF’s best growth stories over the next three years,” he wrote. the analyst.
They said recent transparency and the company’s conservative framework for FY23 present near-term catalysts for upside, and they see PTC as one of their favorite ideas for the first half of 2023.
Writing about PTC’s cloud strategy and the durability of growth, the analysts explained that it is still too early and they do not give any credit to PTC’s transition to SaaS.
“However, we recognize that the company’s clear cloud strategy, growing capabilities and LT’s commitment have helped drive stock earnings and enabled the company to sustain above-market growth in CAD and PLM over the last three years, and we anticipate that to continue,” the analysts said.
PTC shares have gained more than 2% so far in the Monday session.
