Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

TIBCO Beats, But There's A Lot Left To Prove

Investors waiting for the "all clear" on TIBCO (NASDAQ:TIBX) continue to get mixed messages. The company certainly had one of the strongest quarters for infrastructure and billings in many quarters, but the easy year-ago comp mutes some of the enthusiasm, particularly when it is clear that the key analytics business Spotfire continues to decelerate. A recent change in executive incentives could mark a shift toward a more margin-centric approach, but it remains to be seen whether growth in areas like analytics, ESB, and cloud can offset what looks like a slowing core business.

Talking about value is tricky in tech, as investors so often reward growth irrespective of value. Provided that TIBCO can improve margins, a high single-digit...

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