William Blair Reiterates Outperform on Riverbed Technology (RVBD)

January 15, 2013 4:58 PM EST
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William Blair today reiterated an Outperform rating on Riverbed Technology (NASDAQ: RVBD). Analysts said channel checks reinforce the idea that Riverbed is seeing some recovery in its core business, driven by the Steelhead product refresh and good early traction with Granite.

"Feedback from the federal vertical continued to be positive, while enterprise resellers pointed to better field execution and a retreat by Riverbed's WAN optimization competitors. Most resellers are reporting roughly 25% new business with Riverbed and 75% refresh," said analyst Jason Ader.

Riverbed investors are also following developments with its recent OPNET Technologies, Inc. (NASDAQ: OPNT) acquisition, which closed on December 18th.

Commenting on the transaction, announced in October, Ader said, "While we were surprised by the size of the deal, we believe that the OPNET transaction represents a next logical step for Riverbed in becoming a true multiproduct company. We continue to believe that the core WAN optimization business is healthy, albeit slower growing, and that Granite will significantly expand the growth runway for this category."

William Blair has an Outperform rating on Riverbed Technology.

For an analyst ratings summary and ratings history on Riverbed Technology (NASDAQ: RVBD) click here. For more ratings news on Riverbed Technology click here.

Shares of Riverbed Technology closed at $20.09 yesterday.

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