UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Aruba Networks on FYQ2 Revenues

In a report published Friday, Deutsche Bank reiterated its Hold rating on Aruba Networks

, and raised its price target from $17.00 to $22.00. Deutsche Bank noted, “Solid results and decent guide. Aruba reported FYQ2 revenues of $155m, above our estimate of $151m and consensus of $152m. Pro-forma EPS was $0.22 (two cents from the R&D tax credit), above our estimate and consensus of $0.19. The company guided to Q3 revenue to be $159m - $161m, versus our estimate of $157m and consensus of $158m. They expect proforma EPS of $0.20 above our estimate of $0.19 and in line with consensus of $0.20. The company had a good quarter; however we still remain neutral on the stock given their positioning versus competitors and valuation.” Aruba Networks closed on Thursday at $20.80.