PMTC revised its Jun-Q and FY 10 (Sep.) revenue guidance due to the impact of currency fluctuations. The euro relative to the U.S. dollar has fallen 10% since the company provided its guidance in April. PMTC expects foreign currency exchange to adversely affect Jun-Q revenues by $5M and Sep-Q's by $10M, but maintains its FY 10 targets of $1B in sales and non-GAAP EPS of $1.00. We trim our FY 10 revenue forecast to $984M from $1.0B and EPS by $0.02 to $0.46, but keep our target price at $16. Our upgrade is based on valuation, with PMTC shares trading below our target price.