Goldman Sachs Downgrades Aruba Networks (ARUN) to Neutral, Moving to the Sidelines

October 4, 2012 7:14 AM EDT
Get Alerts ARUN Hot Sheet
Price: $24.67 --0%

Rating Summary:
    14 Buy, 20 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Goldman Sachs downgraded Aruba Networks (NASDAQ: ARUN) from Buy to Neutral but lifted its price target from $20 to $23.

The firm sees EPS only in-line with consensus as they expect ongoing investment in the business to keep operating margins range-bound.

"While we think further multiple expansion is warranted from current levels, given recent WiFi datapoints confirm our above-consensus estimates for the October/January quarters, our new $23 12-month price target leaves limited upside following share appreciation of 63% (vs. S&P 500 +4%) since the August low."

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

Shares of Aruba Networks closed at $21.51 yesterday.

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