UPDATE: Piper Jaffray Downgrades Gartner to Neutral on Valuation

Piper Jaffray downgraded Gartner IT from Overweight to Neutral and lowers the price target from $53.00 to $52.00. Piper Jaffray commented, "With Gartner shares fairly valued, in our view, after their strong performance in the past year, and near-term earnings expectations moving fractionally lower, we downgrade our rating to Neutral from Overweight. We remain enthusiastic about Gartner's business model, growth prospects and management team and would be inclined to revisit the shares on any material pull-backs." Gartner closed at $50.30 on Thursday.