Barclays Maintains an 'Overweight' on Riverbed Technology (RVBD); Solid 1Q Should Ease Concerns

Barclays maintains an 'Overweight' on Riverbed Technology (NASDAQ: RVBD), PT $40.

Barclays analyst says, "Longer-term story is intact: Core Steelhead remains strong (up 42% YoY) and the cloud, Whitewater, and Cascade products are gaining traction. Looking ahead, RVBD expects a very large market to support a favorable competitive environment."

"Healthy outlook: F2Q sales guidance is in line with historical guidance but possibly conservative given current deferred revenues up 16% QoQ and a healthy pipeline. Our 2012 EPS rises on lower tax: Our high end revenue estimates are largely unchanged. A lower tax rate in 2012 lifts our EPS to $1.20 from $1.12."

Kvaal Call: A healthy revenue outlook and eased Federal/ EMEA concerns should allow room for a return to beat & raise and for the shares to recover from depressed levels.

For more ratings news on Riverbed Technology click here and for the rating history of Riverbed Technology click here.

Shares of Riverbed Technology closed at $33.43 yesterday.

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