UPDATE: Piper Jaffray Lowers Price Target On Blue Coat Systems To $14

According to Piper Jaffray, Blue Coat Systems

price target is lowered to $14. Piper Jaffray said that Blue Coat's recent turnaround plan continued to lack demonstrable results as revenues and EPS fell way short of the Street and management's prior guidance. “As a result, we are maintaining our Neutral rating but lowering our price target to $14 from $22 on shares of BCSI on reduced growth expectations.” Blue Coat Systems closed yesterday at $17.68.