JP Morgan Maintains Overweight, $29 Target on Riverbed

JP Morgan reiterates its Overweight rating and $29 target price on Riverbed (NASDAQ: RVBD) as company highlights consolidation as a leading motivation to purchase WANop boxes.

JPM says, “According to Riverbed's internal survey of purchase motivation for customers, more than 50% mentioned that consolidation was one of the top 2 drivers for purchase of a WANop box. This is up from 20% in the early stages of the business, where the need for speed was the main driver. In addition, Eric mentioned that Data Center consolidation in both Europe and the US are taking place at a similar pace.”

RVBD closed at $24.91 per share on Tuesday.