Jefferies raises its rating on Riverbed Technology RVBD from Underperform to Hold, but reduces its price target from $17.25 to $14.
Jefferies notes, "We still believe the WAN Optimization market is maturing – an ongoing structural negative for the business. Nonetheless, the shares have traded below our prior $17.25 price target. At current levels, we think the risk/reward is now more evenly balanced."
RVBD closed at $15.49 on Tuesday.
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