The brokerage said customers signaled healthy interest in Teradata's new solutions, especially cloud products and a software-only version of the Teradata warehouse. In addition, the firm noted a marked improvement in customer sentiment versus last year's conference.
However, William Blair maintains its Market Perform rating on the stock as it believes it will take time for the company's transformation efforts to bear fruit.
"In the near term, we expect continued pressure on IT budgets to drive choppiness in large deal activity throughout the back half of the year and believe the Street's 2017 EPS expectations are too high," analyst Bhavan Suri wrote in a note.
Suri also noted that the continued weak capex environment in the IT sector could prevent the company from achieving its guidance and views the risk/reward as neutral at current levels.
Shares of Teradata closed Wednesday's regular trading at $29.57. At time of writing Thursday, Teradata was up 0.88 percent at $29.82 within the first hour of regular trading.
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