Wedbush Downgrades Riverbed Technology (RVBD) to Neutral; Execution Challenges
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Price: $20.99 --0%
Rating Summary:
5 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
5 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Wedbush downgraded Riverbed Technology (NASDAQ: RVBD) from Outperform to Neutral, price target cut from $28 to $23.
Analyst, Rohit Chopra, said, "We believe there is significant risk to full-year guidance, due to the ongoing product transition, elongating sales cycles, sales execution issues, a mixed demand environment and uncertainty regarding federal spending. Riverbed delivered in-line Q1 EPS, but revenue came in at the low end of guidance and missed both our and consensus expectations, with the core wan-optimization business growing only 1% y/y. In addition, the company tempered its full-year outlook, reducing its growth expectation to 15% from 20%." (FY12 EPS estimate lowered from $1.01 to $0.96 and FY13 from $1.22 to $1.09)
For an analyst ratings summary and ratings history on Riverbed Technology click here. For more ratings news on Riverbed Technology click here.
Shares of Riverbed Technology closed at $27.86 yesterday.
Analyst, Rohit Chopra, said, "We believe there is significant risk to full-year guidance, due to the ongoing product transition, elongating sales cycles, sales execution issues, a mixed demand environment and uncertainty regarding federal spending. Riverbed delivered in-line Q1 EPS, but revenue came in at the low end of guidance and missed both our and consensus expectations, with the core wan-optimization business growing only 1% y/y. In addition, the company tempered its full-year outlook, reducing its growth expectation to 15% from 20%." (FY12 EPS estimate lowered from $1.01 to $0.96 and FY13 from $1.22 to $1.09)
For an analyst ratings summary and ratings history on Riverbed Technology click here. For more ratings news on Riverbed Technology click here.
Shares of Riverbed Technology closed at $27.86 yesterday.
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