PTC (PTC) has multiple "idiosyncratic drivers" and looks to be benefiting from artificial intelligence rather than hurt by it, RBC Capital Markets said in a note emailed Thursday.

The company reported solid fiscal Q2 results, with constant-currency annual recurring revenue and free cash flow modestly beating analysts' consensus, and other metrics well ahead, RBC analysts said.

PTC noted strong sales productivity 16 months after it implemented significant go-to-market changes, mainly driven by growing interest in AI and data modernization projects, according to the note. The analysts said they like the company's H2 positioning with its unique drivers, including an expanded product roadmap focused on AI, go-to-market improvements, and a growing sales pipeline.

The analysts said that vertical software firms such as PTC are insulated from AI disruption as customers continue to lean more into its platform for design initiatives and data modernization.

RBC maintained the company's stock rating at outperform and price target at $195.

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