JPMorgan analyst Sterling Auty lowered his price target for PTC to $96 saying that while the company's fiscal Q4 results "were solid," all eyes were on the guidance for fiscal 2019. Bookings guidance of $500M-$520M "is fine with most expectations," but a number of moving parts including an increased subscription percentage in the mix of revenue and margin expansion more to the lower end of the 400-500 basis points range has guidance for operating margin and earnings coming in below expectations, Auty tells investors in a research note. However, he thinks the "solid" bookings guide and Internet of Things traction "tell the story of what PTC is delivering." Auty keeps a Neutral rating on the shares.