Citigroup Maintains Neutral Rating and $25 PT on Riverbed Technology

A report from Citigroup reiterates its Neutral rating and $25 price target on Riverbed Technology

. The report states, “While RVBD shares have fallen ~50% since July report and trading at ~25x our F12M non-GAAP EPS estimates (vs. mean 32x and historical low ~20x), we remain cautious as we believe lingering macro concerns (Federal and Europe), limited revenue contribution from new products, and tough comps likely continue to weigh on growth into 2012 resulting in downward estimates revisions”. RVBD closed Friday at $23.41.