PTC (PTC) could be done with negative outlook revisions and its key metrics, such as free cash flow and constant currency annual recurring revenue, are "likely protected," BofA Securities said in a Monday note.

"While our intra-quarter conversations with management continue to highlight a difficult operating environment, we believe some of the more idiosyncratic risks are largely behind us," BofA Securities said.

According to the investment firm, the macro weakness reflects PTC's end-market exposure but the company "feels better" about its sales realignment, with a potential revenue tailwind from a weaker US dollar.

BofA Securities also noted that PTC seemed to remain constructive on cash conversion as it works on increasing prices and selling to c-level executives over the longer term.

BofA Securities raised its price target on PTC to $200 from $175, while maintaining its buy rating.

Price: 176.07, Change: +0.09, Percent Change: +0.05