PMTC posts Sep-Q EPS of $0.38, vs. $0.24, above our $0.34 estimate. License revenues were stronger than we forecast and operating expenses were lighter, resulting in much wider operating margins. PMTC's FY 12 (Sep) revenue guidance is in line with our forecast, although modestly below Capital IQ consensus estimates, indicating that demand for its software remains sound despite macroeconomic uncertainty. We are keeping our FY 12 EPS forecast at $1.02 and and our enterprise value/sales based 12-month target price at $24.