Canaccord Genuity Downgrades Riverbed Technology (RVBD) to Hold

February 8, 2013 7:09 AM EST
Get Alerts RVBD Hot Sheet
Price: $20.99 --0%

Rating Summary:
    8 Buy, 33 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
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Canaccord Genuity downgraded Riverbed Technology (NASDAQ: RVBD) from Buy to Hold with a price target of $20.00 (from $24.00) following a bumpy quarter and new concerns.

The firm comments, "Early views on the potential for re-acceleration in the core, coupled with attractive synergy opportunities, had Riverbed positioned as a Best Idea for 2013. However, core products showed little sign of improvement, and basic assumptions behind the acquisition synergies are coming into question. Absent a material and sustained fundamental reversal, we are concerned the multiple may experience lower highs and lower lows."

The firm cut FY13 EPS from $1.17 to $1.14.

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

Shares of Riverbed Technology closed at $20.10 yesterday.

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