UPDATE: Wedbush Lowers PT on Informatica to $31
Wedbush Securities has published a research report on Informatica Corporation (NASDAQ: INFA) and has lowered the price target from $40 to $31.
In the report, Wedbush wrote, "Admittedly, it is difficult to point to catalysts for INFA after two disappointing quarters. However, we are encouraged by sequential improvement in the U.S., suggesting the company is rebuilding pipelines successfully following its 1Q sales reorganization. Also, we continue to believe the company's has a capable management team and its overall product line and market position is solid, despite aggressive bundling of core ETL products by the larger vendors. We think the company's initiatives to rebuild its pipeline will likely yield decent sequential results in 4Q, and the potential for macro improvement driven by monetary policy actions represents upside potential to our estimates."
Wedbush Securities maintained its Outperform rating on Informatica, which is currently trading down 23.52 percent from Wednesday's $33.63 closing price.
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