In a report published on Friday, Wedbush analyst Steve Koenig raised the price target on TIBCO Software TIBX from $25 to $28 and maintained an Outperform rating.
In the report, Wedbush stated, "In last night's 10-Q filing, TIBX revealed it decided in June to initiate a restructuring action worth $8M-$10M in GAAP charges. We expect most of the charges will occur in 3Q, and cost savings will build over the next couple of quarters. Based on our review of the 2Q earnings call, we don't think the restructuring had been finalized or incorporated into guidance. Most of the benefits should accrue in 4Q and beyond, quarters for which TIBX hasn't guided yet."
TIBCO Software closed on Thursday at $23.59.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
