UPDATE: Goldman Sachs Downgrades Teradata Corporation to Neutral, Lowers PT as Weak Spending Pushes Growth Out Again

In a report published Tuesday, Goldman Sachs analyst Greg Dunham downgraded the rating on Teradata Corporation TDC from Conviction List-Buy to Neutral, and lowered the price target from $74.00 to $50.00. In the report, Goldman Sachs noted, “We remove Teradata from the Americas Buy List, and lower our 12-month target to $50 (from $74). We have been wrong on the stock since adding TDC to the Americas Buy List on 10/12/12 as TDC is down 30% versus our coverage group's gain of 43% and the S&P 500 up 10%. The stock has under-performed due to sluggish fundamentals (culminating with a negative pre-announcement for 3Q13 tonight), which we believe are mostly macro driven, and increased investor fears regarding secular and competitive pressures. We are lowering our FY13/FY14/FY15 Non-GAAP EPS to $2.73/$3.00/$3.25 from $3.05/$3.37/$3.83.” Teradata Corporation closed on Monday at $52.58.