UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Tibco Software on Disappointing 1Q Results

In a report published Friday, Jefferies analyst Aaron Schwartz reiterated a Buy rating on Tibco Software TIBX, but lowered the price target from $27.00 to $25.00. In the report, Schwartz noted, “TIBX's 1Q results were below plan and management continued to cite execution issues largely tied to the Americas infrastructure segment. Sales program changes continue, which make it difficult to call a turn in the business. But we believe the company took a much more conservative approach with guidance which will bring a more aggressive reset to estimates and greater margin for error.” Tibco Software closed on Thursday at $23.17.