Needham & Company Maintains a 'Buy' on Riverbed Technology (RVBD) on Solid SeptQ and Guidance, Lowering PT
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Price: $20.99 --0%
Rating Summary:
5 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Riverbed Technology (NASDAQ: RVBD) price target lowered from $41 to $36.
Needham analyst says, "The Riverbed SeptQ results were better than feared, as the company was coming off a rare miss in the JuneQ where it stumbled badly in
EMEA region. In a strong turnaround, RVBD beat estimates for SeptQ, and the EMEA region was above plan and +26% q/q in a difficult macro environment. We have been confident of RVBD’s fundamentals in the field, given its close association with other data center technologies including VMWare (NYSE: VMW) and EMC (NYSE: EMC), and our broad checks which suggested these data center technologies are seeing continued budget project strength. We commented recently going into earnings that federal spending patterns looked strong across several names in our coverage, and RVBD was a beneficiary, with 27% of SeptQ revenue from government (local+fed), the largest vertical. Solid DecQ guidance in a challenging macro environment, plus commentary on close rates “returning to normal” gives us confidence in RVBD."
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 $22.52 yesterday.
Needham analyst says, "The Riverbed SeptQ results were better than feared, as the company was coming off a rare miss in the JuneQ where it stumbled badly in
EMEA region. In a strong turnaround, RVBD beat estimates for SeptQ, and the EMEA region was above plan and +26% q/q in a difficult macro environment. We have been confident of RVBD’s fundamentals in the field, given its close association with other data center technologies including VMWare (NYSE: VMW) and EMC (NYSE: EMC), and our broad checks which suggested these data center technologies are seeing continued budget project strength. We commented recently going into earnings that federal spending patterns looked strong across several names in our coverage, and RVBD was a beneficiary, with 27% of SeptQ revenue from government (local+fed), the largest vertical. Solid DecQ guidance in a challenging macro environment, plus commentary on close rates “returning to normal” gives us confidence in RVBD."
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 $22.52 yesterday.
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