UPDATE: Piper Jaffray Raising Price Target On Tibco Software After Earnings

Piper Jaffray is raising its price target on shares of TIBCO Software TIBX to $25 from $24 after it reported earnings last night. It rates shares at Neutral. In a note to clients, Piper Jaffray writes, "Consistent with our quarterly preview, TIBCO reported strong Q2 results highlighted by 32% license revenue growth, marking one of the highest growth rates in the industry, while EPS beat consensus by 3 cents. The positive momentum continues as TIBCO enters Q3 with a strong pipeline marked by linear demand across various geographies and verticals. However, the excitement is partially offset by a cash flow miss and more conservative margin assumptions for the next quarter. We think fundamentals remain quite strong, however given that TIBCO is currently trading at 28x this year's earnings, we believe it is currently fairly valued. Maintain Neutral based on valuation." Shares of TIBX closed at $26.00 yesterday, up 54 cents.