UPDATE: Jefferies Upgrades Riverbed Technology to Hold on Valuation

Jefferies raises its rating on Riverbed Technology

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.