UPDATE: Deutsche Bank Lowers Target to $24 on Riverbed

Deutsche Bank maintains its Hold rating on Riverbed

and lowers its price target to $24, down $4, on company's guidance that is lower than consensus. Deutsche Bank says, "Decent Q4: revenues of $204 m, slightly higher, versus our estimate and consensus. Pro-forma EPS was $0.25, was in line versus our estimate and a penny beat over consensus. The Q1 guide was below our estimate and consensus ($183m-$187m in revenues / $0.19-$0.20 in EPS). For FY12, management expects revenue growth of 17-20%. While we are constructive on Riverbed's prospects in Cloud use cases, we are lowering our CY12 forecast to reflect the company's more muted growth rate prospects." RVBD closed at $29.92 a share on Thursday.