UPDATE: Piper Jaffray Cuts PT to $24 on TIBCO Software on Negative Pre-Announcement

Piper Jaffray reiterated its Overweight rating on TIBCO Software (NASDAQ: TIBX ) but reduced its price target from $30 to $24. Piper Jaffray noted, "TIBCO negatively preannounced Q4 (Nov) results, and now expects revenue of $292-$295M versus consensus of $316M. … Although we have carried a very cautious stance