Piper Jaffray Ups Price Target On Riverbed (RVBD)

Piper Jaffray is upping the price target on shares of Riverbed Technology, Inc.

to $44 from $33, but is keeping the Neutral rating on shares. In the research report, Piper Jaffray writes, "We believe Riverbed closed out another impressive quarter and anticipate the company will easily beat the high-end of guidance and provide an outlook for Q4 that is comfortably above consensus. The strength this quarter is coming from large deals, federal vertical strength, market share gains and overall solid execution. Despite the likelihood for better-than-expected results, we believe the stock currently reflects a significant amount of upside and view the shares as fairly valued. We also have broader concerns regarding the growth of the overall WAN optimization market and believe Riverbed's impressive growth is due to market share gains versus solid growth in the overall product category." Shares of Riverbed gained $1.72 on Friday to close at $47.30, a gain of 3.4%.