UPDATE: Jefferies Initiates Aruba Networks at Hold

Jefferies is out with its report today on Aruba Networks (NASDAQ: ARUN), initiating ARUN at Hold.

In its report, Jefferies writes, "We are initiating coverage of Aruba Networks with a Hold Rating and a $21.00 price target. While we believe that we're still in the early innings of a long term trend in Wireless LAN infrastructure deployment, this growth is already reflected by the valuation in our view."

Shares of ARUN closed Monday at $22.83, up 3.63% from Friday's close.