UPDATE: Credit Suisse Downgrades Teradata Corporation to Neutral, Lowers PT as Reacceleration is Postponed

In a report published Tuesday, Credit Suisse analyst Philip Winslow downgraded the rating on

from Outperform to Neutral, and lowered the price target from $75.00 to $45.00. In the report, Credit Suisse noted, “Since Q3 2012, management has consistently noted a decline in larger deals, the number of deals, and average deal size, as customers had been running their EDWs "hotter," which resulted in an extension of increased capacity purchases, and had shifted to buying in smaller increments. We had believed two of the main factors which drove these behaviors that negatively impacted Teradata's product growth were beginning to abate, which underpinned our thesis that Teradata's product revenue growth would meaningfully reaccelerate in the second half. Based on today's pre-announced results, while the U.S. and Europe appear to have bottomed (suggesting that these two headwinds were indeed lessening for these regions), international revenue disappointed dramatically this quarter, and management's guidance suggests no rebound during the December quarter.” Teradata Corporation closed on Monday at $52.58.