UPDATE: Oppenheimer Upgrades Radware As Tides Are Turning

In a report published Monday, Oppenheimer analyst Ittai Kidron upgraded the rating on

from Perform to Underperform, and named a $26.00 price target. In the report, Oppenheimer noted, “We're upgrading Radware to Outperform from Perform and setting a $26 price target. Over the past year we've been cautious on Radware given mis-execution in 1H14, lack of operating leverage and FX headwinds. We believe these trends are now changing. First, our checks point to improving execution, and we see upside potential to 4Q14 results and 2015 outlook. Second, with measured opex controls, we see operating leverage in the model. Last, FX headwinds are now tailwinds as the Israeli Shekel has weakened. Adding to these tailwinds, a growing security contribution leaves us bullish. While we are not changing our estimates, we see upside to current estimates and set a $26 price target.” Radware closed on Friday at $21.77.