UPDATE: Stifel Downgrades TIBCO Software Following Disappointing F2Q14 Results

In a report published Wednesday, Stifel analyst Brad Reback downgraded the rating on

from Buy to Hold, and removed the $29.00 price target. In the report, Stifel noted, “It has certainly been a rocky road over recent quarters, as various ‘sales execution' issues continue to spring up and uneven results since F4Q12's negative pre-announcement. Unfortunately whenever TIBCO plugs one hole in the ship, it feels like another forms. "We have been patient throughout this process as we have bought into TIBCO's real-time in-memory vision, secular tailwinds, and superior-product stack. However, after taking a fresh look, a confluence of factors (sheer magnitude of the miss/increasing competition, more quarters of difficult Spotfire comps, little chance in our view for a company sale during 2014, TIBCO's third CFO in 2 years, and valuation not-inexpensive) lead us to downgrade shares to Hold from Buy. "We will need to see a healthy re-accleration in license revenue (and Spotfire consistency) before getting more constructive, something we do not see happening in the next several quarters.” TIBCO Software closed on Tuesday at $20.79.