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Fly News Breaks for January 23, 2019
PTC
Jan 23, 2019 | 20:28 EDT
MUFG analyst Stephen Bersey lowered his price target on PTC to $78 from $80 and kept his Neutral rating after its Q1 results and CFO resignation announced this evening. The analyst notes that the company's performance was again "mixed" with Americas and EMEA lagging, as "slowing global growth and sales execution issues" impacted the company. While PTC maintained its medium term outlook, Bersey says investors should not look at FY23 revenue and earnings projects as gospel, noting that he remains skeptical about the company's Internet of Things and Industrial Automation solutions.
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