Piper Jaffray Maintains Neutral, $25 PT on TIBCO Software

Piper Jaffray reiterates its Neutral rating and $25 price target on TIBCO Software (NASDAQ: TIBX) as the company's earnings and revenue beat offset a slowdown in licensing growth, which may signal the emergence of a slower-growth environment.

Piper Jaffray notes, " Based on the recent sell-off and the reasonable Q4 results, we expect TIBX shares to see a mild relief rally. TIBX shares are more interesting in the low $20s than in the low $30s, where they were a month ago, but we remain cautious on the broader spending environment in 2012 and think multiple expansion will be harder to achieve."

TIBX closed at $25 per share on Wednesday.