UPDATE: Sterne Agee Raises PT to $32 from $29 on Riverbed Technology

Sterne Agee raises its price target from $29 to $32 on Buy-rated Riverbed Technology

as 1Q12 reseller checks suggests continued momentum for core WAN op. Sterne Agee says, "Our quarterly survey of Networking resellers suggest solid Q/Q demand heading into 2Q12 and we believe Riverbed management has provided a low bar on 1Q12 revenue due to potential disruption from new product introductions. Anecdotal feedback at this time suggests that the new hardware platforms from Riverbed have had limited impact to close rates and pipeline build. Our new 1Q12 revenue estimate remains within guidance but we now are a bit more optimistic that the new product introductions/related impact appear more manageable." RVDB closed at $25.54 on Wednesday.