UPDATE: Oppenheimer Upgrades Riverbed Technology to Outperform
Oppenheimer has published a research report on Riverbed Technology (NASDAQ: RVBD) and has upgraded the company from Perform to Outperform.
In the report, Oppenheimer writes, "Following our US/Europe channel checks (26 interviews), we believe Riverbed's 4Q11 sales are tracking in line with to slightly above expectations due to a typical year-end flush. In addition, traction and interest in Riverbed's newer products (Whitewater, Steelhead 7050, Stingray) seem to be rising although we expect tangible progress here only in 2H12. Looking ahead to 1Q12, we've raised estimates as demand looks to be stronger than we expected across geographies with a solid pipeline building. Overall, it seems Riverbed's momentum is still very strong, and we like its competitive position and strong execution. Therefore, we're upgrading the shares to Outperform from Perform and setting a $30 price target."
Oppenheimer maintains its $30 price target on Riverbed Technology, which is currently trading up $1.21 from Friday's $23.50 closing price.
