12:07 PM EDT, 05/07/2024 (MT Newswires) -- Teradata's ( TDC ) Q1 earnings and revenue were largely in-line with expectations, though its cloud annual recurring revenue fell short of estimates, implying a more second-half loaded year than expected, Morgan Stanley said Tuesday.

The company on Monday posted Q1 non-GAAP earnings of $0.57 per share on revenue of $465 million. Public cloud ARR was $525 million.

Morgan Stanley reduced its price target on Teradata ( TDC ) shares to $44 from $48 while keeping its equal-weight rating.

"Until we gain confidence that the faster migration to the cloud is resulting in stronger cloud results, we don't expect to see any multiple re-rating," Morgan Stanley said in a note.

The company's shares were down nearly 13% in recent Tuesday trading.

Price: 33.03, Change: -4.93, Percent Change: -12.99