UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on Aruba Networks on Solid Results

In a report published Friday, Oppenheimer reiterated its Outperform rating on Aruba Networks ARUN, and raised its price target from $25.00 to $27.00. Oppenheimer noted, “Aruba delivered a better than expected Jan.-qtr. with a strong contribution across regions. Guidance was also better than our checks suggested and reinforces our comfort in our thesis, which is based on an expanding enterprise WiFi market and Aruba moving up the software stack and adding value. We're particularly encouraged by the quickly growing interest in ClearPass, where trial activity effectively doubled QoQ to ~1,000. We still view ClearPass as providing good LT support for margins and as a key driver of customer additions with about one-third of trials with non-Aruba customers. Aruba Instant interest was also better than we expected, suggesting a good TAM expansion opportunity in the mid-market. We're buyers.” Aruba Networks closed on Thursday at $20.80.