UPDATE: Stifel Reiterates Buy Rating, Lowers PT on Teradata Corporation Following Disappointing 3Q13 Results, Tempered Full-Year Outlook

In a report published Tuesday, Stifel analyst Brad Reback reiterated a Buy rating on

, but lowered the price target from $69.00 to $59.00. In the report, Stifel noted, “TDC reported disappointing preliminary 3Q13 results and tempered its full-year outlook. As our recent checks had indicated some customers were continuing to delay-deals and downsize-purchases, we aren't surprised by the miss. We believe although business in the Americas and Europe seemed to perform in line to better than expected, tough-comps, coupled with a volatile F/X market, and softness in APJ and the Middle East and Africa caused TDC to miss our/Street 3Q forecasts by >$30.0 million (likely a handful of slipped deals given TDC's high ASPs). Given the shortfall stems mostly from APJ, we don't think this was a competitive issue (Hadoop/NoSQL have minimal traction in the region) but mainly a macro problem. On the margin-front, we think an unfavorable product-mix and some large-deals slipping the last few weeks of the quarter caused 3Q EPS to miss Street estimates by > dime. Looking ahead, we believe TDC has finally reset-expectations to realistic-levels and given easing-comps, healthy pent-up demand, and improving-trends in most of its markets, we are confident TDC can re-accelerate revenue to the high single-digits to low double-digits in FY14. While the shares will likely tread-water near-term and we are tempering our target-price to $59 from $69, we would recommend long-term investors use the weakness as a buying-opportunity.” Teradata Corporation closed on Monday at $52.58.