UPDATE: UBS Starts Infoblox (BLOX) at Buy; Leader in Strong Growth Market

(Updated - May 22, 2012 4:12 PM EDT)

UBS initiates coverage on Infoblox (NYSE: BLOX) with a Buy. PT $21.00.

Analyst, Nikos Theodosopoulos, said, "BLOX has grown at a 40% CAGR, growing sales from $35M to ~$133M over the last four years. Industry analysts estimate the size of the DDI market at ~$290M in 2011 growing 29% to $380M in 2012...As the DDI market leader, we believe Infoblox is attractively positioned to grow its business at a 15%+ long-term CAGR, will increase its profitability, has a strong management team and is exposed to growing awareness and networking trends such as SDN/OpenFlow, Cloud computing, Virtualization and BYOD."

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

Shares of Infoblox closed at $17.84 yesterday.

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