KeyBanc Downgrades Rating, Removes PT On TDC

KeyBanc has downgraded Teradata Corp. TDC from Buy to Hold and has removed a price target from the stock as the company prepares to release its 2Q11 results. According to KeyBanc, “Moving Rating from BUY to HOLD; Remain Positively Disposed toward Long-Term Growth Trajectory, Management Execution and FCF Generation Potential; Expect Solid 2Q11 Results and Believe There Remains Reasonable Room for Estimates to Continue to Ratchet Upward; However, We Remain Cognizant of Meaningful Share Price Appreciation as of Late and over Last Several Years as Well as Multiple Expansion and Believe a More Neutral Stance on the Stock Is Warranted.” TDC closed on Friday at $61.17.