Teradata Corporation (TDC.N): Pre-Quiet Catchup - Q3 Sounding Mixed, Could Q4 Be The Inflection Quarter?

We caught up with TDC ahead of their quiet period. We came away with a slightly more cautious view of Q3 (limited upside to numbers) but think the setup around Q4 and the prelim FY27 guide could be an interesting upside catalyst for the stock. If hardware tailwinds (new platform + price increase) can add 1-2 points to growth next year then a 4-5% ARR growth guide for FY27 may be on the table, likely enough for a multiple re-rating but not enough for a narrative shift. Key highlights: 1) no increase in churn as retention has been improving both y/y and throughout 2026 (AI not enabling/accelerating churn); 2) the new hardware platform and Q2 hardware price increase combined could add ~2 points to total revs/ARR growth next year;