UPDATE: Jefferies Downgrades Qlik Technologies to Hold on Demand, FX and Competition

Jefferies reduces its rating on Qlik Technologies QLIK from Buy to Hold and lowers its price target from $35 to $24. Jefferies comments, "We downgrade QLIK to Hold and set a $24PT based on recent field work that suggests softer trends in 2Q12, materially lower growth expectations for CY12 and increasing competitive pressures. The stock has underperformed in the last 3 months, but we fear Street ests may be too high and there is still some growth premium in the valuation." QLIK closed at $22.12 on Friday.