Morgan Joseph Starts Starent Networks (STAR) at Sell
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Morgan Joseph initiates coverage on Starent Networks, Corp. (Nasdaq: STAR) with a Sell rating and $10 price target, saying the shares are overvalued and should reflect more rapid deceleration of growth.
The firm said, " While we are enamored by Starent's technology and mindful of the established customer relationships, we are concerned on a number of levels, which leads us to conclude the shares should return to the $10 level. At this juncture, our take is that the shares still reflect overly bullish enthusiasm for Starent's technology position and ignore its customers' consolidating position."
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