UPDATE: Goldman Sachs Initiates Ruckus Wireless at Neutral on Valuation

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Goldman Sachs initiated coverage on Ruckus Wireless (NYSE: RKUS) with a Neutral rating and a $20 price target. Goldman Sachs said, "We see Ruckus as able to deliver sector-leading top-line growth (CY11-15E CAGR of 38%) on strong secular growth in the Service Provider (SP) and Enterprise Wi-Fi segments, with potential gross margin expansion and operating leverage driving even faster earnings growth (CY11-15E net income CAGR of 59%). However, the sharp rise in the shares since the Nov. 16 close (+55% vs. S&P +4%) makes the risk/reward more balanced at current levels in our view, with RKUS now at a CY13 EV/S multiple of 5.9X."Ruckus Wireless closed at $18.96 on Monday.

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