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Fly News Breaks for March 24, 2017
PTC
Mar 24, 2017 | 07:30 EDT
RBC Capital analyst Matthew Hedberg "generally" disagrees with a short report issued on PTC yesterday. The analyst notes that the short report calls some of the company's subscription metrics "dubious," but he says that they allow investors to track the progress of the company's transition to a new business model. While the short report questions the ability of the company to renew customers, Hedberg reports that it maintained 494 out of its 500 top customers since 2002. And Hedberg notes that the short report suggests that the company's IoT business is weak, but he says that it has been used by GE, while the unit's organic bookings jumped 53%. After traveling with the company's management recently, Hedberg feels more upbeat about its transformation and raised his price target on the shares to $62 from $55. He keeps an Outperform rating on the stock.
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