Needham & Company Starts Riverbed Technology (RVBD) at Strong Buy; Shares Are Oversold

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Needham & Company initiates/transferring coverage on Riverbed Technology (NASDAQ: RVBD) with a Strong Buy. PT $25.00.

Analyst, Alex Henderson, said, "We are setting our initial 12 month target price at $25 per share, implying a potential 55% upside. RVBD is trading at a scant 13.3x CY 13 estimates compared to historical P/Es of 20x-35x. We think this is an exceptionally strong entry valuation. The recent soft 1Q results and soft 2Q guidance during a period when the market has generally been rough and technology stocks have been getting beat up resulted in an over-reaction, in our opinion."

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 $15.05 yesterday, with a 52 week range of $14.90-$41.83.

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