Needham & Company Downgrades Gigamon (GIMO) to Buy

Needham & Company downgraded Gigamon (NYSE: GIMO) from Strong Buy to Buy with a price target of $20.00 (from $34.00).

Analyst Alex Henderson tates, "Gigamon pre-released its 2Q results after the close and offered very little in the way of detail. Moreover, they did not do a conference call or calls to analysts. With no more detail or explanation, we are forced to materially reduce revenues to reflect the back-to-back pre-releases and management's stated goals of significant spending to support future growth. We also reverse our recent upgrade and lower our target."

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

Shares of Gigamon closed at $18.18 yesterday.

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