UPDATE: Wedbush Initiates OPNET Technologies with Neutral, $29 PT on Macro Outlook

Wedbush initiates its coverage on OPNET Technologies (NASDAQ: OPNT) with a Neutral rating and a price target of $25.53.

Wedbush comments, "We believe the weakening IT spending environment in the U.S.; deteriorating demand in Europe, and significant uncertainty regarding federal IT budgets poses near-term risks to estimates. Looking beyond the current uncertainty, however, we believe the company is well-positioned to deliver double-digit growth, margin expansion and share gains over the long term owing to Opnet's comprehensive solution. We apply a 20x multiple on our CY13 cash-adjusted EPS estimate of $1.21 plus $4.90 in cash per share to arrive at our target."

OPNT closed at $25.53 on Thursday.

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