Piper Jaffray Neutral on TIBCO Software
Piper Jaffray is out with a research report on TIBCO Software (NASDAQ: TIBX) and it has a Neutral rating and a $25 price target on shares.
In a note to clients, Piper Jaffray writes, "Consistent with our quarterly preview, TIBCO reported strong Q3 results highlighted by 29% license revenue growth, marking one of the highest growth rates in the industry, while EPS beat consensus by 2 cents. The positive momentum continues as TIBCO enters Q4 with a solid pipeline and strong recent end-market demand, highlighted by particular strength in Europe and Asia Pacific this quarter. Sales headcount downticked sequentially and Financial Services revenue declined y/y, but year-end hiring targets were reaffirmed and other verticals made up the slack. Fundamentals remain healthy for now, but valuation and lingering concerns about vertical exposure keep us on the sidelines."
Shares of TIBX closed at $20.97 yesterday.
