UPDATE: D.A. Davidson Initiates Coverage on Barracuda Networks with Neutral Rating, $29.50 PT on Unique Combination of Factors

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In a report published Wednesday, D.A. Davidson analyst Mark Kelleher initiated coverage on
Barracuda NetworksCUDA
with a Neutral rating and $29.50 price target. In the report, D.A. Davidson noted, “Barracuda's products target multiple segments of the fast-growing security market. From standard load balancing and firewall capabilities, the company is unique in its ability to also offer data backup solutions. We believe such a breadth of capabilities will allow it to differentiate itself in a crowded market. Barracuda offers easy-to-deploy data back-up and security solutions addressing the needs of the small and medium sized business (SMB) market, which is often IT resource constrained. CUDA's solutions, often deployed on hardware appliances or virtual instances, are cloud-connected that enables continuous software updates and off-site redundancy. We believe this unique deployment architecture will enable mid-teens top-line growth for the next several years.” Barracuda Networks closed on Tuesday at $26.74.
Posted In: Analyst ColorInitiationAnalyst RatingsD.A. DavidsonMark Kelleher
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