In a research note titled "Like the Strategy, Don't Believe the Guide," Deutsche Bank analyst Karl Keirstead says Teradata's 2021 outlook calling for a revenue growth rate of 20% "seems aggressive." The company's 2017 outlook of a 5%-10% revenue decline was no surprise but the guidance for material compression in gross margins and a $100M jump in operating expenses were worse than expected, Keirstead tells investors in a research note post the analyst day. He believes Teradata's transition to a subscription pricing, lower average selling price and software-only model makes sense long-term, however. The analyst keeps a Hold rating on the stock with a $28 price target.