UPDATE: Wedbush Initiates Neutral, $34 PT on Imperva on Favorable Long-Term Fundamentals

Wedbush initiated its coverage on Imperva

with a Neutral rating and a price target of $34. Wedbush commented, "We are initiating coverage with a NEUTRAL rating and a $34 target based on our CY13 EV/sales analysis, supported by our DCF. We believe the LT outlook for the company is positive given its positioning as a leading player in one of the fastest growing segments of the security market, data security, which is growing at 20%+ y/y. We think security market spending, which is primarily focused on securing the perimeter, will eventually shift to a hybrid model involving the addition of data security as a complementary, but mandatory feature." Imperva closed at $29.47 on Tuesday.