UPDATE: J.P. Morgan Raising Price Target On TIBCO Software

J.P. Morgan Chase & Co. is raising price target on shares on TIBCO Software Inc TIBX to $32 from $30, and it has an Overweight rating on shares after it reported earnings. In a note to clients, J.P. Morgan writes, "For F3Q11, we are increasing our revenue estimate to $221 million from $210 million, and are decreasing our non-GAAP EPS to $0.21 from $0.22. FY'11, we are raising revenue estimate to $892 million from $854 million and increasing our non-GAAP EPS estimate to $0.92 from $0.90." Shares of TIBX gained 54 cents yesterday to close at $26.00, a gain of 2.12%.