Stifel analyst Adam Borg sees PTC shares remaining "in the penalty box" until execution improves but he remains a buyer of the stock as he continues to believe that industry and company-specific drivers and PTC's model transformation "offer plenty of opportunity for low-teens bookings growth and operating margin and FCF expansion." He sees the company's FY19 guidance cut being driven by two related issues, namely that PTC has hired less sales capacity than expected in IoT and AR and that it is seeing lower than expected bookings in the "lower-priority, lower-growth" areas of SLM and ALM. Borg keeps a Buy rating and $105 price target on PTC shares, which are down 10% to $91.32 in pre-market trading.