Piper Jaffray Reports On Positive Checks For TIBX

Piper Jaffray is maintaining its Neutral rating and its $24 price target on TIBCO Software TIBX as the company continues to gain traction in the quarter. According to Piper Jaffray, “Checks indicate Tibco's positive momentum likely continued during fiscal Q2 mainly driven by its core products, while newer product lines continue to gain incremental traction. Pipelines appear healthy, with demand strengthening outside Tibco's core verticals. Several Tibco partners highlighted that the company's products and technologies are still under-appreciated, although customers are gradually realizing the value. We continue to monitor the situation as the risk/reward has improved with the recent 20% pullback in TIBX shares, moving shares slightly below our $24 target.” TIBX closed yesterday at $23.74.