PTC INC (=) : Can PTC change its stripes?

研报英文原文证据摘录

PTC INC (=) : Can PTC change its stripes?

EQUITIES

SOFTWARE

PTC INC NEUTRALPRICE* USD116.9  TARGET PRICE USD130 (UPSIDE 11%)

Can PTC change its stripes?

We initiate on PTC with a Neutral rating and $130 TP, implying ~10% upside. As a leading end-to-18 JUNE 2026

Securities Research Report end industrial engineering software provider, we believe the company has a strong position in high-

Production time: 11:17* (London time)

end design and the potential to gain market share longer term, but that investors will need to see

Research Analysts & Publishing Entities

meaningful improvement to top-line growth before valuation improves. With PTC seeing a strategic

Andrew DeGasperi and management transition, and with NT growth challenged, we remain on the sidelines.BNP Paribas Securities Corp1

(+1) 917 472 4745

andrew.degasperi@us.bnpparibas.com Long-term potential, but near-term growth/margin expansion a show-me story

We think a rerating of PTC shares will require ARR growth to accelerate above 10%. PTC’s current

Ari Friedman

growth has been mainly driven by price increases, and we see limited near-term upside potentialBNP Paribas Securities Corp1

(+1) 917 286 8860 from upsell or market share gains. While deferred ARR is improving, it’s not clear if consistent double-

ari.friedman@us.bnpparibas.com digit % growth can be achieved. The company has also seen a business/management/sales

Jack Pearson transition that we think needs time to mature before fundamentals improve.

BNP Paribas Securities Corp1

(+1) 631 568 8385 What is the debate?

jack.pearson@us.bnpparibas.com

1) Can PTC improve its competitive position? We think the potential to take share in CAD is less

clear but see opportunity in PLM. Some third-party resellers we spoke to believe PTC could take