Benzinga's Upgrade Summary for June 27, 2012

Listed below are today's Top Upgrades covered by Benzinga: Jefferies & Company Upgrades Riverbed Technology RVBD to Hold: 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." Stifel Nicolaus Upgrades HomeAway AWAY to Buy: Stifel Nicolaus notes, "HomeAway is on the cusp of several new products cycles which we expect to drive higher ARPL growth and expand the company's value proposition and competitive advantage. We expect the experience of booking an online rental of a vacation property to be comparable to the online booking of a hotel room in about two years." The Benchmark Company Upgrades ValueClick VCLK to Buy: Benchmark mentions in the report, “ValueClick is a resilient company that is highly adaptive. Evidence includes the solid cash flow performance through the recession and the recent retargeting and mobile acquisitions. These acquisitions boost the company's online display business and position it for the mobile migration. ValueClick has faced intense competition from large companies like Google and Facebook for years, and has sustained solid cash flow from its core affiliate marketing and display network segments.” Guggenheim Upgrades Leap Wireless LEAP to Buy: Guggenheim says, "We downgraded Leap following its 1Q12 earnings report, when management indicated a shift in strategy that seemed contradictory to our earlier thesis. However, we now believe the new strategy makes sense and could drive improved results going forward. …With smartphone penetration already at 50%+, we believe increasing device price points could help reduce the tendency of existing users to upgrade. Higher-end devices do not necessarily carry higher subsidies." All of Benzinga's Upgrade coverage can be viewed here.