PTC could be subject to strategic acquisition in the next 2-3 years, says Cowen.
As previously reported, Cowen analyst Matthew Broome initiated PTC with an Outperform rating and $112 price target, telling investors in a research note that his market and competitor analysis shows that the company's ThingWorx platform is "incredibly well positioned" in the industrial IoT software market and poised to take share. Broome says valuation looks "very reasonable" vs. peers, as its transition to subscription licensing should help revenue and free cash flow growth accelerate materially. Additionally, he sees as "meaningful possibility" that PTC will be subject to a takeover by another company within the next 2-3 years, possibly in the industrial automation vertical, and possibly sooner if valuation becomes more accommodating.
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|Date:||Jul 9, 2018|
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