Needham & Company Reiterate Buy Following Infoblox (BLOX) Analyst Day

Needham & Company reiterate a Buy rating and $33.00 price target on Infoblox (NYSE: BLOX) following an analyst meeting. Analyst Alex Henderson said that the presentations were unlikely to change the participants views.

Henderson commented, "BLOX hosted an analyst meeting in San Francisco starting just after the close Monday. The meeting was moderately attended with roughly 10-15 sell side and 25 buy side analysts. The discussion covered a wide gamut of topics ranging from the role and potential for BLOX in security to the prospects for SaaS model offerings to the longer-term business model and the transition in the go to market. We think management's confidence in its growth prospects came through loud and clear. However, the magnitude of the change and the degree of reinvestment needed also were evident. There are a lot of new faces at InfoBlox and it is likely to take some time for the team to jell and deliver productivity. Overall we reiterate our Buy rating."

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

Shares of Infoblox closed at $26.75 yesterday.

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