Radware (RDWR) PT Raised to $26 at Needham & Company

Needham & Company analyst Alex Henderson reiterated a Buy rating and boosted his price target on Radware (NASDAQ: RDWR) to $26.00 (from $23.00).

Henderson commented, "We see two primary growth drivers to RDWR's current growth. First, its domestic U.S. operations are growing at a 25% pace driven by expanding distribution, and second the Security business is driving similar growth globally, protecting against DDoS attacks. RDWR's subscription business is also helping with its 5x B-B. Moreover, Radware has been able to drive a subscription model and instead of cannibalizing existing hardware and vADC sales, it's actually pulling added traditional business Revenues. Based on these strengths and the 11% decline in the shekel, which should help OPEX leverage, we are increasing our Target Price to $26 from $23."

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

Shares of Radware closed at $21.80 yesterday.

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