Wedbush Securities Sees PTC Remains Committed To Margin Expansion

In a report published Monday, Wedbush Securities analyst Steve Koenig reiterated an Outperform rating and $46.00 price target on

. In the report, Wedbush Securities noted, "We are reiterating our OUTPERFORM rating and 12-month target price of $46, based on an average of our P/E, EV/FCF and DCF approaches. We think investors should continue accumulating shares based on attractive valuation (14x P/E and EV/FCF on our CY16 estimates). We estimate EPS of $2.96 per share in FY17; using a 15-20x forward multiple, this gets us to a $45-60 share price range by the end of next year. We think PTC could advance to the top half of this range with a stable macro environment and continued progress with ThingWorx in the IoT market." PTC closed on Friday at $37.01.