RBC Capital analyst Matthew Hedberg raised his price target on PTC to $83 after its Q1 earnings beat, saying the company's annual recurring revenue was ahead of expectations amid broad-based strength in both growth and core businesses. The analyst believes that the company's demand environment remains positive and also sees the FX factors shifting to a "tailwind", moving FY20 guidance slightly higher. Hedberg still keeps his Sector Perform rating on PTC, noting that the recurring revenue acceleration is balanced by potential execution challenges and reduced long-term guidance.