Gigamon (GIMO) PT Raised to $70 at Rosenblatt
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Rosenblatt analyst Marshall Senk reiterated a Buy rating and raised his price target on Gigamon (NYSE: GIMO) to $70.
Senk commented, "We had the opportunity to meet last week with Gigamon CEO Paul Hooper, CFO Rex Jackson and Sr. Investor Relations Director Jennifer Gianola. Bottom line: our discussion reaffirmed our view that the company is well set up to continue its outperformance with its current product line as customer demand for incremental breadth and functionality remains very strong. With the launch of the AWS (AMZN:NR) visibility solution next month (to be followed by Azure (MSFT:NR) next year) and other new product initiatives set to launch next year, we believe that Gigamon’s market position both for enterprise and service provider is stronger than ever. We reiterate our Buy rating and are increasing our price target to $70."
Shares of Gigamon closed at $59.00 yesterday.
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