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UPDATE: JP Morgan Initiates Aruba Networks at Neutral on Competition Concerns

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JP Morgan initiated coverage on Aruba Networks (NASDAQ: ARUN) with a Neutral rating and a $21 price target.

JP Morgan noted, "Our bias on this company is positive, though we believe that consensus estimates are currently fair given the potential for weaker 2013 enterprise spending. We like the fact that gross margins continue to improve and believe that products like ClearPass and Instant could help this trend to continue. However, WLAN competition remains fierce and the company is trading near its recent P/E multiple high. We would advise investors to keep this one on the shopping list and wait for a better entry point."

Aruba Networks closed at $20.79 on Monday.

Latest Ratings for ARUN

Jan 2015CitigroupInitiates Coverage onNeutral
Jan 2015BarclaysMaintainsOverweight
Jan 2015JMP SecuritiesDowngradesMarket OutperformMarket Perform

View More Analyst Ratings for ARUN
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