Oppenheimer Raises TDC Target To $55 From $47

Following another better than expected quarter and solid guidance, Oppenheimer is raising its PT to $55 from $47. “Teradata Corporation TDC posted strong 4Q results, as robust demand for its broad product set across most geographies (especially Americas) fueled product revenue to $267M ($6.5M above our forecast),” Oppenheimer writes. “The 12% product growth helped drive revenue to $548M, $18M above consensus. The revenue upside combined with cost discipline and a lower tax rate enabled TDC to post 4Q10 EPS of $0.53, topping consensus by $0.03. “Looking ahead, we believe TDC's business remains robust and it has once again set achievable targets (7-9% organic growth in FY11). Given an attractive valuation, numerous growth drivers and a good chance of upside to current guidance, we would remain constructive on the shares.” Teradata Corporation closed Thursday at $47.50.