UPDATE: Hilliard Lyons Downgrades Teradata Corporation Ahead of Expected Q3'13 Revenue Miss

In a report published Wednesday, HIlliard Lyons analyst Stephen Turner downgraded the rating on Teradata Corporation TDC from Buy to Long-Term Buy, and lowered the price target from $75.00 to $58.00. In the report, Hilliard Lyons noted, “Management expects Q3'13 revenue of $665 million vs. our prior estimate of $705 million. This represents an increase of just 3% y/y. The company experienced solid results in the U.S. (+8% y/y) and Europe while Asia-Pacific and Middle-East Africa revenue declined 21% and 19% y/y, respectively. We do not believe Teradata results infer a shift away from Teradata solutions to cheaper Hadoop, open sourced solutions, as results in the U.S. were positive. We are however, discouraged by the size of the miss in Asia-Pacific given the relatively easy y/y comparison.” Teradata Corporation closed on Tuesday at $42.91.