BofA/Merrill Lynch Downgrades Gigamon (GIMO) to Underperform

July 9, 2014 6:38 AM EDT
Get Alerts GIMO Hot Sheet
Price: $44.05 -2.87%

Rating Summary:
    9 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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BofA/Merrill Lynch downgraded Gigamon (NYSE: GIMO) from Neutral to Underperform with a price target of $11.00 (from $23.00) following Q2 negative pre-announcement.

Analyst Tal Liani notes this is the second negative preannouncement in a row for Gigamon. With guidance for gross margins and operating expenses unchanged, this suggests lower operating and net margins overall.

The firm cut FY14/15 EPS estimates to $0.09/$0.23 down from $0.33/$0.57.

For an analyst ratings summary and ratings history on Gigamon click here. For more ratings news on Gigamon click here.

Shares of Gigamon closed at $18.18 yesterday.

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