Gigamon (GIMO) PT Raised to $58 at Needham & Company Ahead of Results
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Needham & Company analyst Alex Henderson reiterated a Buy rating and raised his price target on Gigamon (NYSE: GIMO) to $58.00 (from $52.00), saying they are buyers ahead of results.
Henderson commented, "We think the outlook for Gigamon is good and we expect continuing Beat and Raise results. We are particularly enthusiastic on Gigamon's upcoming Cloud IaaS offerings. While we expect a solid "Beat and Raise" quarter, we are nervous expectations may have gotten a bit ahead of themselves going into the print and we are inclined to be careful into the print with an eye to Buying GIMO post numbers. We think investors hearing the strong story maybe a bit out ahead of the cloud story which should unfold more in the back half of CY17."
Shares of Gigamon closed at $50.47 yesterday.
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