Auriga Starts Riverbed Technology (RVBD) at Hold
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Auriga initiates covearge on of Riverbed Technology (Nasdaq: RVBD) with a Hold rating and $20 price target, citing valuation.
The firm said, "We are strong believers in RVBD’s sustainable competitive advantage within the WAN optimization space and fully expect the company to continue to leverage its scalability advantage to gain market share. However, while the long-term growth drivers for WAN optimization remain intact and RVBD is the dominant player in this space, the macro environment has dampened branch/office deployments. As a result, we believe the depressed growth rate no longer supports RVBD’s premium valuation."
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