UPDATE: JP Morgan Lowers PT to $27 and Reiterates Overweight Rating on TIBCO Software, Management Blames Sales Execution for the Poor Results

JP Morgan analyst published a report on TIBCO Software

that reiterated its Overweight rating and lowered the price target from $32 to $27. JP Morgan reported that, “TIBCO reported disappointing results for the second consecutive quarter, missing just about every metric, though cash flow was very strong. Management blamed sales execution, and though this likely had an effect, we can't help but wonder about macro forces and sales strategy given the broad based miss. The only bright spot was the Business Optimization business. Guidance for the MayQ was well below expectations. At about 6.8x EV/Maintenance-like revenue, we view this as an attractive entry point.” Shares of TIBCO Software closed at $23.17 on Thursday.