UPDATE: Oppenheimer Reiterates Outperform Rating, Lowers PT on Radware Ltd. on Disappointing March Results

In a report published Friday, Oppenheimer analyst Ittai Kidron reiterated an Outperform rating on Radware Ltd. (NASDAQ: RDWR), but lowered the price target from $43.00 to $35.00.In the report, Kidron noted, “Despite our positive checks on the March quarter, Radware disappointed and preannounced results with a substantial ~9% miss relative to prior guidance. Softness in EMEA/China was blamed although demand in the US held up. While the number of misses in the industry is rising, we did believe Radware was executing better than others—clearly, we were wrong. Sales cycles lengthened on Radware's existing customer base, and both Enterprise/SP were soft. While it appears Radware's business fell apart in the last few weeks of the quarter, it's tough to tell whether something more secular is happening. Awaiting more clarity, we're cutting estimates and lowering our PT to $35 (from $43). Maintain Outperform.”Radware Ltd. closed on Thursday at $29.80.