Goldman Sachs Raises TIBX Target From $18.50 To $21

Goldman Sachs is lifting its FY11/12 non-GAAP EPS on TIBCO Software, Inc. (NASDAQ: TIBX) to $0.90/$1.05 from $0.86/$0.98 prior, driven by upside in the quarter and top line momentum.

“Introducing FY13 non-GAAP EPS of $1.18,” Goldman Sachs writes. “Our 12-month price target also increases to $21.00 from $18.50 prior, due to our higher estimates and a higher target multiple of 20X CY12 EPS (ex-ESO) vs. 19X previously given faster growth.”

TIBCO Software closed Monday at $21.18.