Tibco: Longbow Cuts Rating On Valuation, Tougher Compares

Longbow Research analyst Steve Koenig this morning cut his rating on Tibco (TIBX) to Neutral from Buy.

“Our downgrade stems from TIBX�s rapid achievement of our 12-month target price objectives, coupled with significant increases in consensus expectations for TIBX’s revenue and EPS performance following the company’s 3Q earnings report,” he writes in a research note.

“We think TIBX will continue to see market share gains from a revamped product line-up and sharp management focus on sales capacity and execution, but these factors look to be more fairly incorporated in the TIBX share price and we expect year-over-year comparisons to become more difficult in FY 2011 as the TIBX license recovery anniversaries,” he adds.

TIBX is down 45 cents, or 2.5%, to $17.66.