Needham & Company Remains bullish as Radware Ltd. (RDWR) Reports Preliminary 3Q Results
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Needham & Company reiterated a Buy rating and $14.00 price target on Radware Ltd. (NASDAQ: RDWR) following the company's 3Q preliminary earnings report. Radware expects CY3Q Revenues to be $47 million coming in below guidance of $50-$53 million and down year-over-year. Management explains the weak reported numbers as the result of strong demand and growth masked by a more rapid shift to a Subscription Model.
Analyst Alex Henderson commented, "Radware pre-released another weak “Reported” Quarter even as management claims "Adjusted Deferred Revenues" increased ~30% to $110 Million from $85 Million. We came into CY3Q earnings release with relatively low expectations. It’s a good thing. Radware pre-released a disappointing quarter for Revenues and EPS. The shift to Subscription has been sharply accelerating the last several quarters and its made the reported results look rough. But we think Radware is past the nadir on this transition and should start to recover in CY17. We are trimming our estimates but Maintaining our $14 Target Price."
Shares of Radware closed at $13.15 yesterday.
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