UPDATE: JP Morgan Reiterates Overweight Rating, Lowers PT on TIBCO Software

In a report published Wednesday, JP Morgan & Co. reiterated its Overweight rating on TIBCO Software

, but lowered its price target from $39.00 to $32.00. JP Morgan noted, “TIBCO pre-announced preliminary 4Q financial results last night, citing disappointing execution in core infrastructure (SOA) sales in the Americas, pullback in government spending, and deal delays from storm Sandy. From our reduced assumptions of future cash flow, we are lowering our December 2013 price target to $32, from $39 prior, still implying nearly 30% potential upside to last night's closing level. TIBCO will report final results on December 20th following the market close.” TIBCO Software closed on Tuesday at $24.72.