Needham & Company Bullish View Reiterated at Gigaton (GIMO) Following 9 for 9 Beat and Raise
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Needham & Company analyst Alex Henderson reiterated a Buy rating and $58 price target on Gigamon (NYSE: GIMO) following 9 for 9 'beat and raise'.
Henderson commented, "Gigamon simply continues to deliver. Its now Beat and raised 9 quarters in a row. This one was particularly notable as it was driven by 55% Product sales growth, 42% growth in Enterprise 117% growth in Federal with 80% of that due to Security related buying. Further two major announcements amplified the good news. First, they announced a major Tier 1 win in Service Provider (AT&T). Second, they acknowledged this is designed not only for NFV but also cloud service integration. We are again solidly increasing estimates, and we still see plenty of upside."
Shares of Gigamon closed at $47.38 yesterday.
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