Wedbush Raises Price Target on Riverbed Technology (RVBD) Checks Indicate Strong Market Trends

Wedbush is reiterating its Outperform rating and is raising its price target from $40 to $42 on shares of Riverbed Technology (NASDAQ: RVBD) ahead of its Q2 earnings.

The company is expected to release its earnings after the closing bell on July 19.

Wedbush believes that the company is strongly positioned for long term growth.

An analyst for the firm comments,"In the US and APAC, our channel contacts report solid demand with most resellers reporting sales at or above plan. Overall, we think the competitive landscape remains favorable to Riverbed, despite desperate measures by competitors. Contacts noted that the cloud acceleration and cloud storage product are already contributing to sales."

As a result of its recent market checks, Wedbush;s current Q2 EPS and revenue estimates are $0.21 and $174 million while its 2011 estimates call for $0.89 and $729 million in revenue. The firms 2012 estimates were raised to $1.16 and $890.7 million.

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 $39.88 yesterday.

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