UPDATE: Piper Jaffray Lowers PT on Solera Holdings to $61

Piper Jaffray is out with its report today on Solera Holdings SLH, lowering its PT to $61 from $62. In its report, Piper Jaffray writes, "Solera posted solid F4Q results, although slower organic revenue growth (5.6% vs. 7.0% in F3Q), the impact of FX, and higher discretionary spending translated into a fractional y/y decline in margins (the first since the company came public). We like the secular growth story and solid record of execution at Solera, but near-term macroeconomic headwinds keep us on the sidelines for now. We maintain our Neutral rating. Based on our slightly lower estimate, our price target goes to $61 (20x CY2012E cash EPS of $3.05) from $62." Shares of SLH closed Wednesday at $56.55, up 0.71% from Tuesday's close.