UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Solera Holdings

In a report published Friday, Piper Jaffray & Co. reiterated its Neutral rating on Solera Holdings

, but lowered its price target from $48.00 to $42.00. Piper Jaffray noted, “We like Solera's business model, secular growth prospects and management team, but with numbers moving lower and near-term visibility still muted, we see more interesting opportunities elsewhere in the information services sector...With roughly 60% of revenues generated in the Euro zone, Solera continues to suffer from the macro challenges in these markets, particularly the UK, France and Spain. Revenue/claim grew an impressive 10.9% y/y in F4Q, benefiting from the company's expanding portfolio of product/service offerings, but this was muted by a 5.6% decline in claims volume. With the pending loss of a large US insurance client (Allstate) and continuing economic malaise in Europe, we expect near-term revenue growth to remain below the company's 7%-9% longer-term target.” Solera Holdings closed on Thursday at $42.69.