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Teradata resumed with Neutral from Sell at UBS

UBS upgraded Teradata (TDC) to Neutral from Sell with a price target of $24, down from $26. After speaking with 15 of the company’s customers and partners, the firm resumes coverage at Neutral from Sell, concluding the outlook for Teradata is “still challenging” but that much of this appears to be priced into the shares. UBS also picked up some signs of stabilization. Given the check feedback, the firm thinks Street estimates have moved low enough to be achievable with only modest downside risk. However, an inflection in cloud annual recurring revenue growth is necessary to see a re-rating in Teradata’s multiple.

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