UDPATE: Wedbush Maintains Outperform, Ups PT to $26 on Aruba Networks

In an equity research note, Wedbush reiterates its Outperform rating on Aruba Networks, Inc.

on continued strong demand and better than expected revenue for FQ1 and guide for FQ2. According to Wedbush, “The company delivered yet another quarter of robust growth that exceeded expectations and provided revenue guidance which also surpassed estimates. Key positives in the quarter included 1) 46% y/y product revenue growth 2) a q/q improvement in GM and OM, and 3) better than expected revenue guidance — providing a compelling counterargument to many of the bearish concerns from investors in recent months. …Management guided FQ2 revenue to $124-126mn, representing growth of ~31-33% y/y and ~4-6% q/q. EPS guidance of ~$0.15 was in line.” ARUN closed at $21.79 per share on Thursday.