UPDATE: Bank of America Upgrades TIBCO Software to Buy on Improving Sales Execution

Bank of America upgraded TIBCO Software

from Neutral to Buy and maintained a $26.00 price target. Bank of America noted, "We are raising our rating on TIBX from Neutral back to Buy, following the company's announcement of an earnings date for the Feb. quarter on March 21st, and reiterating our PO of $26. We downgraded TIBX in Dec., following the pre-announcement of a disappointing Nov. quarter. Our Neutral rating was predicated on the risk of a second consecutive miss very similar to INFA, which missed the June and Sep Qs in 2012. However, with the confirmation of the earnings date without a pre-announcement, we think the potential downside is limited." TIBCO Software closed at $21.00 on Tuesday.