Needham & Company Upgrades Riverbed Technology (RVBD) to Strong Buy; Wan Op Not Saturated

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Needham & Company upgraded Riverbed Technology (NASDAQ: RVBD) from Buy to Strong Buy with a price target of $27.00, saying WAN Op is not saturated but a robust growth market.

"There has been a slowdown in the growth rate of the WAN Op segment. But we think
this reflects a shift to building out Private Cloud, weak economic conditions, Cisco's withdrawal from the market due to poor product performance, and Riverbed’s product cycles," the analyst comments. "But as Riverbed’s new products ramp and become increasingly virtualized, the huge spending on Private and Public Cloud establish more WAN application traffic, and economic conditions gradually improve, we strongly believe investors’ perception of a "saturated market" will give way to a realization of the importance of WAN Op to cloud enablement.

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 $15.84 yesterday, with a 52 week range of $13.30-$29.59.

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