UPDATE: Stifel Reiterates Buy Rating, Raises PT on Tibco Software Following Strong F3Q13 Results

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In a report published Friday, Stifel analyst Brad Reback reiterated a Buy rating on
Tibco Software
TIBX
, and raised the price target from $26.00 to $31.00. In the report, Stifel noted, “After a year of disappointing results, TIBCO built upon last quarter's greenshoots and delivered a strong F3Q13 print, with revenue/margins/EPS/CFFO all above guidance/consensus. The healthy quarter was punctuated by license revenue of $105.2M (well-ahead of our above-consensus estimate of $91.7M), strong ASP growth, and upbeat guidance, which sent the stock up 8% AH and to its highest levels since October-2012. While it isn't out-of-the-woods just yet (federal business remains muted, core SOA decelerated albeit at a much improved pace), we view the upbeat print as further validation that TIBCO is making solid progress in rectifying its sales execution issues and believe its superior product stack is levered to a number of secular trends (analytics, big data, social, cloud, real-time) that solve real-world problems across verticals. Together with stabilizing/improving end-markets and easing comps, we continue to believe that both estimates and multiples can work higher in coming quarters as TIBCO continues to demonstrate consistency. Given this backdrop, we remain buyers of shares and raise our target price to $31.” Tibco Software closed on Thursday at $25.25.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBrad RebackStifel
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