Piper Jaffray Downgrades Riverbed Technology (RVBD) to Neutral; Valuation Call

March 15, 2010 7:41 AM EDT
Get Alerts RVBD Hot Sheet
Price: $20.99 --0%

Rating Summary:
    6 Buy, 29 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 15
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Piper Jaffray downgrades Riverbed Technology (Nasdaq: RVBD) from Overweight to Neutral. Price target $28.

Piper analyst says, "We are downgrading our rating on RVBD shares to Neutral based purely on valuation. We anticipate the company will continue to execute well and upside to March quarter and 2010 estimates is highly likely, but we believe this is already priced into the stock. We believe several investors are valuing RVBD shares based on a scenario of $1.00 in EPS for 2010 and this compares to consensus estimates of roughly $0.85. Given the upside scenario already priced into RVBD shares, we think it will be hard for the stock to outperform on a relative basis and believe a Neutral rating is warranted."

To see all the upgrades/downgrades on shares of RVBD, visit our Analyst Ratings page.

Riverbed Technology, Inc. (Riverbed) has developed solutions to the fundamental problems associated with information technology (IT) performance across wide area networks (WANs).

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