Summit Research Upgrades Teradata (TDC) to Hold

Summit Research upgraded Teradata (NYSE: TDC) from Sell to Hold with a price target of $25.00 (from $23.00).

Analyst Srini Nandury commented, "Following Teradata's mixed qtr (revenue of $511mln versus consensus of $518, EPS was $0.47 versus consensus of $0.37) and mixed outlook (lowered revenue but maintained EPS range), we upgrade to HOLD and increase our PT to $25 (up from $23). The new CEO exuded a sense of urgency which was clearly lacking in the prior administration. The new CEO talked about making TDC a "tech company" - meaning he wants the company to be focused, nimble and hard charging. The new CEO talked about not being a "caretaker CEO", implying that he will remain a CEO as long as it is needed but will continue to accelerate the transformation the company. At the same time, the board will find a permanent replacement (no timing given). Overall, we liked what we heard on the call and we expect the transformation to take hold at the company. We believe this is the beginning of the positive momentum for the company. Yes, growth will likely be elusive in the beginning, with some good quarters and some not. Having said that, we are confident this is beginning of a positive era."

For an analyst ratings summary and ratings history on Teradata click here. For more ratings news on Teradata click here.

Shares of Teradata closed at $24.40 yesterday.

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