Needham & Company Raises Price Target on Infoblox (BLOX) Following 3Q Results
Needham & Company maintains a Buy rating on Infoblox (NYSE: BLOX), and raised the price target to $33.00 (from $27.00), following 3Q results. BLOX reported revenues of $78.1M. EPS was reported at $0.12, compared to $0.07 estimates.
Analyst Alex Henderson commented, "Infoblox delivered a strong quarter with Revenues of $78.1 million 5% ahead of forecast. Product sales impressed with 32% growth and coming in 11.6% ahead of forecast. The upside to Revenues yielded considerable Margin leverage with Operating Margins coming in at 9.2% compared with guidance of 5.5-6.5%. EPS jumped 32% Q-Q and 75% yr-yr coming in 68% ahead of forecast at $0.12 compared to Street estimates at the mid-point of guidance of $0.07. July guidance of $79-81 million in Revenues and EPS of $0.09-0.10 is solidly above the Street at $78 million and $0.09. While we are increasing our estimates based on the guidance, we can't help but think the guidance looks overly conservative. Given the track record of Infoblox over the last year, we think that’s probably a highly prudent approach to forecasting and guidance."
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Shares of Infoblox closed at $26.32 yesterday.