Oppenheimer Downgrades Radware

Oppenheimer is downgrading Radware (NASDAQ: RDWR) to Perform from Outperform and removing its $30 price target.

M&A speculation aside, Oppenheimer believes Radware's shares at current levels are overextended and we're stepping to the sidelines. While Radware could be a takeover target, there is no visibility on whether the recent speculation will materialize. No announcement has been made by management, and rather than relying on guesswork, Oppenheimer is focusing strictly on Radware's fundamentals.

Radware's shares have appreciated significantly, and Oppenheimer feels investors should opt to take the more conservative route and lock in gains. Investors should revisit Radware at a more attractive entry point.

RDWR is down 3% at $33.70