UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Riverbed Technology
In a report published Wednesday, J.P. Morgan & Co. reiterated its Neutral rating on Riverbed Technology (NASDAQ: RVBD), and raised its price target from $16.50 to $18.00.
J.P. Morgan noted, “Riverbed turned in a better than expected quarter and in-line guidance after struggling for two quarters with execution issues surrounding a product refresh and the challenge of marketing multiple product lines. The turnaround came quicker than we had expected – a credit to the quality of management in our opinion. Another bright spot for the day was a deal with Juniper to license Riverbed's ADC software and for Riverbed's WANOP technology to be included in Juniper's Pulse mobile suite. Riverbed execution appears to be on the right track again but we believe macro risk remains high.”
Riverbed Technology closed on Tuesday at $14.55.
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Tags: J.P. Morgan & Co.