UPDATE: Barclays Downgrades Informatica Heading into Q3 Earnings Season

In a report published Monday, Barclays Capital analyst Raimo Lenschow downgraded the rating on

from Overweight to Equal-Weight, and lowered the price target from $45.00 to $44.00. In the report, Barclays Capital noted, “At current levels (~$40), we believe the CY15 P/E of c. 20x already reflects relatively strong revenue growth at INFA. Given we do not currently see evidence of a further acceleration, we believe upside to the multiple will be limited for the next several quarters and are thus downgrading the shares to Equal Weight. Current Q3 estimates should be achievable, especially with the ~$6m tailwind from the recognition of deferred license revenue in Q2, but upside is likely limited, in our view. This is partially based on the deterioration in the data for INFA within our VAR survey, as several partners reported their INFA businesses coming in below plan.” Informatica Corporation closed on Friday at $40.43.