UPDATE: Piper Jaffray Cuts PT to $24 on TIBCO Software on Negative Pre-Announcement

Piper Jaffray reiterated its Overweight rating on TIBCO Software

but reduced its price target from $30 to $24. Piper Jaffray noted, "TIBCO negatively preannounced Q4 (Nov) results, and now expects revenue of $292-$295M versus consensus of $316M. … Although we have carried a very cautious stance on recent software results, a Q4 miss is uncommon in the software industry, and we expected TIBCO to come much closer to its guidance range. … In our view, the TIBX Q4 miss serves as yet another warning sign of the pervasively deteriorating conditions for on-premise software companies (the on-premise "earnings cliff"), but think TIBX shares could arguably see some valuation support in the very low $20s for now and think its EPS resiliency for FY13 might surprise to the upside." TIBCO Software closed at $24.72 on Tuesday.