UPDATE: Stifel Nicolaus Upgrades Aruba Networks to Buy on Bring-Your-Own-Device Outlook
Stifel Nicolaus raised its rating on Aruba Networks (NASDAQ: ARUN) from Hold to Buy and established a $27 price target.
Stifel Nicolaus commented, "We are seeing evidence that WLAN has moved higher in priority for CIOs. Our checks show that the BYOD (bring-your-own-device) trend is gaining momentum and a reliable WLAN is becoming a staple of IT infrastructures. … Overall, we believe the company has the products that allow it to occupy a strategic position in the network, although execution against that strategy is still in the early stages and the jury is out as to whether the company will be successful. Still, we expect the WLAN market growth to accelerate to the 25% range over the foreseeable future and see Aruba well positioned."
Aruba Networks closed at $21.20 on Thursday.
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