UPDATE: Cantor Fitzgerald Downgrades Riverbed Technology to Hold on Growth Concerns
Cantor Fitzgerald downgraded Riverbed Technology (NASDAQ: RVBD) from Buy to Hold and lowered the price target from $24.00 to $20.00.
Cantor Fitzgerald commented, "We are reducing our rating from BUY to HOLD while lowering our price target from $24 to $20. Early views on the potential for re-acceleration in the core, coupled with attractive synergy opportunities, had Riverbed positioned as a Best Idea for 2013. However, core products showed little sign of improvement, and basic assumptions behind the acquisition synergies are coming into question. Absent a material and sustained fundamental reversal, we are concerned the multiple may experience lower highs and lower lows."
Riverbed Technology closed at $20.10 on Thursday.
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