UPDATE: Wedbush Lowers Aruba Networks' PT
According to a research report published this morning, Wedbush has lowered Aruba Networks' (NASDAQ: ARUN) PT from $27 to $22.
In the report, Wedbush said, "We think the overall macro and European issues may present near-term headwinds, but remain positive about the company's long-term growth prospects and the opportunity to take share in the enterprise mobility market. Checks point to an in-line quarter, but we expect a conservative guide, given renewed fears of a macro slowdown, especially in EMEA where the company derives ~20% of revenue. Given recent events in the region and recent company reports, we have also lowered our estimates in an attempt to reflect new uncertainties. Given a 30% decline in the stock over the last two months, we think the stock is likely pricing in slowing growth."
Aruba Networks maintains its Outperform rating on Aruba Networks, which closed yesterday at $16.33.
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