UPDATE: Oppenheimer Reduces PT to $11 on ClickSoftware Technologies on Negative Pre-Announcement

Oppenheimer reiterated its Outperform rating on ClickSoftware Technologies

but reduced its price target on shares from $13 to $11 following a negative pre-announcement from the company. Oppenheimer said, "In a press release this morning, 7/9, CKSW negatively pre-announced 2Q12 results. The company expects 2Q revenue of $22.5M vs. the consensus $25M estimates and expects non-GAAP EPS of $0.03 vs. the consensus $0.09. We are lowering our estimates for the remainder of FY12 and for FY13 and are reducing our price target to $11 from $13. CKSW highlighted a large, $10M telecom contract signed just after the close of 2Q. Management believes the contract could ultimately generate as much as $15M and that CSKW could recognize substantial amounts from this contract in 3Q and 4Q. We continue to view CKSW as the best-positioned player in the high potential, field-service optimization space." ClickSoftware Technologies closed at $8.35 on Friday.