UPDATE: Credit Suisse Initiates Coverage on Gigamon with Neutral Rating, $27 PT on Improving Network Visibility

In a report published Monday, Credit Suisse analyst Kulbinder Garcha initiated coverage on

with a Neutral rating and $27.00 price target. In the report, Credit Suisse noted, “Gigamon's technology offering in network visibility or packet brokering is differentiated in a nascent and growing market which should drive robust LT sales growth, as we forecast 37%/30% revenue growth in 2013/2014. However, trading at an EV/sales multiple of 4.7x on our 2014 revenue estimate, we believe shares already reflect this potential. We initiate coverage with a Neutral rating and a $27 target price.” Gigamon closed on Friday at $30.82.