UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Riverbed Technology
In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Riverbed Technology (NASDAQ: RVBD), and raised its price target from $18.00 to $21.00.
J.P. Morgan noted, “Riverbed reported better than expected earnings last quarter. Management has been able to rapidly refocus the salesforce on the core Steelhead product line and allow the company to begin benefitting from a major product refresh. Despite strong long-term fundamentals, we believe there is shorter term risk to earnings and RVBD's 15% FY revenue growth target as enterprise spending continues to weaken. Reiterate Neutral.”
Riverbed Technology closed on Friday at $21.73.
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