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Salomon Upgrades Tibco to Buy

Salomon Smith Barney upgrades Tibco Software (TIBX) to buy from outperform.

Analyst Gretchen Teagarden says the stock pulled back recently and now has 33% upside potential to her $17 target. She notes historical analysis of year-over-year revenue growth, believes infrastructure software will benefit from excessive application software purchases made from June, 2000, to March, 2001. She sees potential upside to her conservative 7.6% revenue growth assumption and notes feedback from chief investment officers reveals e-Business applications are integrated as an information technology spending priority. Teagarden also notes Tibco has $3.10 per share in cash. She maintains her $0.20 fiscal 2002 (Nov.) EPS estimate.

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