Oppenheimer Maintains OP Rating, $46 PT On RDWR
April 08, 2011 8:06 AM
Based on its channel checks, Oppenheimer believes Radware Ltd. (NASDAQ: RDWR) will deliver “solid 1Q11 results likely above the midpoint of its guidance range.”
“Our checks point to solid and balanced demand globally with only slight disruption to business activity in Japan, which was more than offset by strength elsewhere,” Oppenheimer writes. “Furthermore, we believe Radware's new VADI platform continues to gain strong interest and trial activity is broadening.
“We expect VADI deployments to accelerate in 2Q11, driving upside in 2H11. Near term, we expect Radware to guide in line with consensus for 2Q11. With strong interest in the new virtual platform and new sales hires, we believe the company is set for a solid 2H11. Maintain Outperform and $46 price target.”
Radware closed Thursday at $34.24.
