UPDATE: Citigroup Downgrades Jive Software to Neutral on Billings Deceleration

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Citigroup lowered its rating on Jive Software (NASDAQ: JIVE) from Buy to Neutral, both High Risk, and lowered its price target from $30 to $21. Citigroup said, "We initiated at Buy in January and while we continue to stick with parts of our thesis, we believe at ~8x 2013 EV/Revs, our thesis and near-term numbers aren't strong enough to recommend the stock at this valuation. Our price target goes from $30 to $21 based on lower revenue growth (27% to 23% 10-year CAGR), slower margin expansion, and lower terminal multiple due to recent market discounts on companies with leverage to social networking."Jive Software closed at $19.42 on Tuesday.

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