Canaccord Genuity Downgrades Riverbed Technology (RVBD) to Hold

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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, with a 52 week range of $13.30-$29.59.

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