UPDATE: Deutsche Bank Raises Target on Ixia to $10

Deutsche Bank maintains its Hold rating on Ixia (NASDAQ: XXIA) on valuation and raises its price target to $10 from $9 on solid results and guide.

Deutsche Bank says, "xia reported Q4 revenues of $83.7m, above our estimate $81.3m and consensus of $82.9m. Pro forma EPS of $0.18 was above our estimate and consensus of $0.16. Management said that the solid results were in part due to strong demand for 10G Ethernet solutions and higher-than-expected sales of LTE and Wi-Fi testing solutions. We continue to believe that Ixia will benefit from IP convergence trends; however, we feel the stock is fully valued at current levels."

XXIA closed at $12.74 yesterday.