William Blair upgraded Infoblox (NYSE: BLOX) from Market Perform to Outperform, amid increased confidence in short-term results and long-term growth.

Analyst Jason Ader said the upgrade was based on a combination of factors, including: 1) low risk to near-term results as a result of conservative guidance and the sizable remaining Dash-A upgrade opportunity; 2) increased confidence in management's ability to sustain high-teens growth rates beyond the current upgrade cycle (including tailwinds from the growing need for DDI automation in private cloud environments, the fever pitch in security spending, and the realization of returns from major sales and channel investments over the last 18 months); and 3) an attractive entry point (2.2 times EV-to-calendar-2016 sales) given the recent macro-induced market sell-off.

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Shares of Infoblox closed at $19.24 yesterday.