Needham & Company analyst Alex Henderson reiterated a Buy rating and boosted his price target on Radware (NASDAQ: RDWR) to $28.00 (from $26.00) following strong results and 'solid conservative' guidance.

Radware reported a strong CY1Q and offered solid conservative guidance. Revenues came in a sliver ahead of forecast and EPS came in 7% ahead of our and Street estimates. Guidance straddled the Street Revenue estimate and pegged the Street EPS estimate of $0.23 at the bottom of the $0.23-$0.25 EPS guidance band. The strength in the quarter came from Enterprise growth of 19%, European growth of 17%, Security growth of over 20%, triple digit growth in Subscription Revenues, and 18%-20% growth in the US. Declines in Brazil and China and Service Provider offset.

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Shares of Radware closed at $23.45 yesterday.