TIBCO Announces New Share Repurchase Plan And Strong 4Q

JP Morgan has published a research report on TIBCO Software (NASDAQ: TIBX) after the company reported 4Q earnings that exceeded expectations.

In the report, JP Morgan writes "TIBCO exceeded expectations for its fiscal fourth quarter against its first relatively difficult comp in several quarters, posting results that were ahead of normal seasonal trends. The company reported non-GAAP EPS of $0.31 (with a penny benefit from a lower tax rate) on total revenue of $241 million and license of $115 million; versus our estimates of $0.28, $228 million, and $108 million, respectively; and consensus expectations of $0.28 on total revenue of $229 million. Operating cash flow of $35 million was up 17% from a year ago and was above our $30 million estimate."

TIBCO has also announced a new $300 million share repurchase plan to replace the former $159 million, according to JP Morgan.

JP Morgan maintains its Overweight rating and has raised the price target from $19 to $25.

TIBCO Software closed yesterday at $21.18.