UPDATE: Goldman Sachs Initiates Coverage on Infoblox

According to a research report published this morning, Goldman Sachs has initiated Infoblox BLOX with a Neutral rating and $21 PT. In the report, Goldman Sachs said, "We believe Infoblox can continue to lead in its core market with a best-ofbreed appliance that provides essential network IP connectivity services. We believe this core market functionality combined with an emerging presence in network configuration produces a unique automated network control offering. We expect this unique offering to drive sustainable highteens revenue growth with significant operating leverage long term. Despite our positive view, we see limited near-term stock outperformance as we believe a discount to the comp group is warranted given slower to in-line relative revenue growth with lower operating margins." Infoblox closed yesterday at $19.48.