UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Allot Communications

In a report published Wednesday, Jefferies reiterated its Buy rating on Allot Communications ALLT, but lowered its price target from $30.00 to $20.00. Jefferies noted, “Against a backdrop widespread fears of a bad Q4, Allot delivered $28.5M/$0.14 (JEF $32.7M/$0.21, St $29.8M/$0.16). Q4 B:B was <1x due to European macro weakness, but the pipeline is bigger than it was at the beginning of 2012. We continue to see strong 2013 growth prospects but a dependence on large deals could lead to lumpiness.” Allot Communications closed on Tuesday at $14.15.