UPDATE: Goldman Sachs Upgrades Infoblox Inc. to Buy
Shares of Infoblox (NASDAQ: BLOX) were upgraded from Neutral to Buy by Goldman Sachs Thursday morning. The firm maintains a $27 price target on the stock.
Kent Schofield, analyst at Goldman Sachs, believes the “company's FY14 (July) guidance given at the time of the preannouncement will prove to be conservative.” Schofield sees, “sustainable high-teens percent product revenue growth following difficult July (+52% YoY) and October (+33% YoY) comps.”
The drop is an “opportunity to add/build positions in the leader in an underpenetrated core market as well as an emerging player in DNS security,” said Schofield, who sees 41% upside in the future.
Infoblox is scheduled to report earnings February 26th.
Shares are up more than 3 percent to around $19.86 at last check.
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