Jefferies Maintains Buy, Lowers PT on Parametric Technology

In a company note issued earlier today, Jefferies & Company, Inc. maintained its Buy rating on Parametric Technology Corporation

, but lowered its price target from $33 to $25. Jefferies went on to say in the note “Once again, execution issues plague PMTC. These are all the more disappointing given the management team's efforts to move on from the company's uneven execution track record. The stock was rightly punished last Thursday, but given management's focus on driving EPS growth (and our expectation of lower cost growth) we have maintained our Buy.” Parametric Technology Corporation closed at $21.46 on Thursday.