Pacific Crest maintained a Overweight rating on A10 Networks (NYSE: ATEN) and raised its price target to $11.00 (from $10.00). Analyst Brent Bracelin noted a strong rebound in Americas contributed to Q2 revenue upside, and he said the turnaround could "justify a double to $11."

"Revenue increased 8% q/q to $47.5 million, exceeding consensus of $45.9 million. Upside came from a 20% q/q snapback in the Americas, in part driven by a ~$6 million CGN order with an existing U.S. service provider customer. Enterprise also remained healthy, rising 10% q/q, but flattish y/y on tough comparisons," said Bracelin.

"Our bull thesis is based on :(1) revenue acceleration in 2H15, (2) TAM expansion into security, (3) continued enterprise momentum, (4) a return to profitability in late 2016 and (5) a compelling risk/ reward with the potential to double to $11. Our new price target of $11, up from $10, is based on the assumption that the trough EV/S of ~1.3x expands to ~2.8x in the coming year as the turnaround materializes. Comparable peers are currently valued at ~3.0x," added the analysts.

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Shares of A10 Networks closed at $5.43 yesterday.