Oscar Gruss Downgrades Radware (RDWR) to Hold

November 4, 2008 11:59 AM EST

Oscar Gruss downgrades Radware (Nasdaq: RDWR) from Buy to Hold. Price target $7.

Oscar analyst says, "We believe 3Q08 shortfall in revenues signals an ongoing deceleration with respect to the company’s growth prospects. We are concerned regarding execution challenges coupled with spending patterns headwinds will prevent RDWR from reaching its 4Q08 target...We believe Radware’s chairman departure could undermine Radware’s strategic outlook and reflect negatively on the company’s focus going forward. We believe the company's $7.10 cash per share could be indicative for RDWR’s share price going forward. However, we note the company’s disputed ability to generate cash in the foreseeable future signals concerns over RDWR’s cash pile."

Radware Ltd. (Radware) develops, manufactures and markets application delivery and network security (business-smart networking) solutions that provide end-to-end availability, performance and security of mission critical networked applications.

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