Radware Downgraded To Perform

Oppenheimer writes:

"We are downgrading Radware (NASDAQ: RDWR) to Perform from Outperform and removing our $30 PT. M&A speculation aside, we believe Radware's shares at current levels are overextended and we're stepping to the sidelines. While Radware could be a takeover target, we have no visibility on whether the recent speculation will materialize. No announcement has been made by management, and rather than relying on guesswork, we focus on Radware's fundamentals. We're not seeing a slowdown in Radware's business, and its strong growth drivers remain intact. With that said, Radware's shares have appreciated significantly, and we think investors should opt to take the more conservative route and lock in gains. We would revisit Radware at a more attractive entry point."

Radware Ltd. closed Friday at $32.73.