UPDATE: Oppenheimer Downgrades Riverbed Technology; Removes PT

According to a research report published this morning, Oppenheimer has downgraded Riverbed Technology

from Outperform to Perform, and has removed its $30 PT. Oppenheimer said in the report, “While 1Q12 results were within guidance and next-quarter guidance was not far off consensus, we feel Riverbed is maneuvering through much more than just a product cycle. We see a transition to a solutions company, and poor sales execution and ongoing alignment as challenges that could take time to resolve.” Riverbed is currently trading at $20.22.