Piper Jaffray Starts Barracuda Networks (CUDA) at Overweight

Piper Jaffray initiates coverage on Barracuda Networks (NYSE: CUDA) with a Overweight rating and a price target of $44.00.

Analyst Andrew Nowinski commented, "There are four key investment points supporting our Overweight rating. First, we believe Barracuda participates in large, high-growth market segments which are capable of supporting the company’s strong sales momentum. Second, we believe revenue growth should accelerate from a higher mix of customers that deploy multiple products. Third, we believe Barracuda’s technology is on par with other top security vendors, despite the notion that it is not enterprise-grade. Finally, we believe Barracuda’s free cash flow generation will begin to accelerate over the next 2-3 years, providing further support for valuation."

For an analyst ratings summary and ratings history on Barracuda Networks click here. For more ratings news on Barracuda Networks click here.

Shares of Barracuda Networks closed at $38.61 yesterday.

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