UPDATE: Oppenheimer Downgrades Allot Communications to Perform on Channel Checks

Oppenheimer downgraded Allot Communications Ltd. (NASDAQ: ALLT) from Outperform to Perform and removed the price target of $28.00.

Oppenheimer said, "Based on our checks, we believe Allot's business has decelerated and we expect a 4Q12 miss and possibly a book-to-bill below one. Our checks point to slowing demand in Europe and an early completion of several projects in the US leading to a revenue gap. Considering this and with little visibility into 1Q13, we're downgrading to Perform. Note that our positive view on the DPI market has not changed and we don't see competitive pressures as the factor of the miss."

Allot Communications closed at $18.28 on Wednesday.

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