Riverbed Technology Trading Below 50-Day MA But Expected To Find Support At 200-Day MA

Shares of Riverbed Technology

are currently trading below the 50-day moving average of $38.75, but

are expecting the shares to find support at the 200-day moving average of $29.01. On Wednesday, Riverbed's rating was raised to Buy at both ThinkEquity and Capstone Investments. It was raised to Outperform by Oppenheimer. ThinkEquity hold the 12-month price target at $48.00 per share, while Capstone hold it at $40.00 per share. This reflects the fact that Riverbed's Tuesday trades ranged from a low of $30.69 to a high of $32.57, and that shares fell 6.5 percent. Still, the company has stated in the press that it expects to report Q1 revenue of between $163 million and $164 million, up from the $112.4 million a year ago and ahead of street consensus of $161 million. “With a strong start to 2011, Riverbed exceeded revenue and earnings expectations in the first quarter,” CEO Jerry Kennelly said in a

. “We executed well, achieving 45% year-over-year revenue growth, and non-GAAP operating profits doubled compared to the first quarter last year. Sales increased on an annual basis across all major geographies as spending on WAN optimization remains a priority.”