NetScout (NTCT) Target Raised to $39 at Needham & Company on Strong Q3

January 24, 2014 6:42 AM EST
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Price: $30.85 +0.82%

Rating Summary:
    6 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company analyst Scott Zeller reiterated a Buy rating and boosted his price target on NetScout (NASDAQ: NTCT) from $32 to $39 following strong Q3 results.

"The NetScout results for F3Q14(Dec) were a strong beat, and they support the broad theme we're seeing this earnings season of Service Provider coming back to spend," Zeller said. "Importantly, NTCT's results and upside are (we believe) driven by (a) continued rebound in financials vertical, and (b) better than expected growth in the Packet Flow Switch (similar offering to Gigamon – N/R). Our estimates for FY14 are inched up, FY15 is unchanged. New price target $39, based on higher 20x P/E off of $1.72 FY15 EPS."

The firm trimmed FY 2014 EPS from $1.49 to $1.48.

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

Shares of NetScout closed at $36.48 yesterday.

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