Market Overview

UPDATE: Piper Jaffray Cuts PT to $24 on TIBCO Software on Negative Pre-Announcement

Related TIBX
Tibco Software Inc. Slides; CFO Says 'We're In A Transition'
Wedbush Feels 'Acquisition Premium Looks Iffy' For Tibco Software Inc.

Piper Jaffray reiterated its Overweight rating on TIBCO Software (NASDAQ: TIBX) but reduced its price target from $30 to $24.

Piper Jaffray noted, "TIBCO negatively preannounced Q4 (Nov) results, and now expects revenue of $292-$295M versus consensus of $316M. … Although we have carried a very cautious stance on recent software results, a Q4 miss is uncommon in the software industry, and we expected TIBCO to come much closer to its guidance range. … In our view, the TIBX Q4 miss serves as yet another warning sign of the pervasively deteriorating conditions for on-premise software companies (the on-premise "earnings cliff"), but think TIBX shares could arguably see some valuation support in the very low $20s for now and think its EPS resiliency for FY13 might surprise to the upside."

TIBCO Software closed at $24.72 on Tuesday.

Latest Ratings for TIBX

DateFirmActionFromTo
Sep 2014Bank of AmericaDowngradesBuyNeutral
Jun 2014SusquehannaDowngradesPositiveNeutral
Jun 2014BarclaysMaintainsUnderweight

View More Analyst Ratings for TIBX
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (TIBX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters