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Wells Fargo Upgrades Radware (RDWR) to Outperform

December 11, 2013 6:59 AM EST Send to a Friend
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Price: $16.89 --0%

Rating Summary:
    6 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wells Fargo upgraded Radware (NASDAQ: RDWR) from Market Perform to Outperform and raised its valuation range from $14-17 to $20-22, which applies a forward PE multiple of 18-20x CY2014E EPS of $0.79 plus Radware's $5.82 in net cash per share.

"We are upgrading shares of Radware to Outperform from Market Perform following recent conversations with management and industry contacts that lead us to believe 2014 is likely to be a much better year for the company," analyst Jess Lubert states. "Our more positive view reflects our belief that continued sales investment and the ramp of new products should continue to support better than 20% growth in Radware’s North American business, while new leadership in Europe appears set to deliver improved results in the coming year."

He adds, "With comps getting easier and the company continuing to invest conservatively for growth, we see the potential for Radware’s sales and profitability to materially improve over the next several quarters, which may serve as a catalyst for the company's shares."

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

Shares of Radware closed at $16.67 yesterday.




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