UPDATE: Oppenheimer Downgrades A10 Networks (ATEN) to Perform
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(Updated - October 28, 2016 9:47 AM EDT)
Oppenheimer downgraded A10 Networks (NYSE: ATEN) from Outperform to Perform. Analyst Ittai Kidron described Q3 results as "mixed."
"A10 reported soft 3Q16 revenue, although strong margins drove $0.01 EPS upside. A10 attributed the revenue weakness to deals late in the quarter that didn't ship and to delayed deals. We attribute the challenges largely to bad timing and don't believe they raise any larger execution related red flags. Solid gross margin and prudent OpEx management also point to good execution. Nonetheless, with growth comparisons getting more challenging from here, we're unsure that A10 can deliver the magnitude of quarterly upside needed to move the stock materially higher, especially as it works to maintain a low level of profitability. Therefore, we're stepping to the sidelines," said the analyst.
Shares of A10 Networks closed at $8.99 yesterday.
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