UPDATE: Wedbush Raises PT to $24 on Aruba Network on Ongoing Momentum
Wedbush reiterated its Outperform rating on Aruba Networks (NASDAQ: ARUN) and raised its price target from $21 to $24.
Wedbush said, "Meetings with Aruba Networks management in Seattle reaffirm our view that the company remains a technology leader in WLAN, and we remain confident that it can continue to deliver results and gain share despite pricing competition and concerns about the macro. The company indicated that its competitive position remains solid despite competition at the low end, and that WLAN secular trends and the upgrade to AC remain key catalysts for growth. We believe the company continues to execute and that WLAN demand remains stable, driven by strength across verticals."
Aruba Networks closed at $22.49 on Friday.
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