UPDATE: Morgan Stanley Ugrades Aruba Networks to Overweight on Employee-Owned Device Growth

Morgan Stanley upgraded Aruba Networks

from Equal-weight to Overweight and raised the price target from $18.00 to $28.00. Morgan Stanley commented, "In our AlphaWise survey, resellers reported that their 2013 growth expectations for ARUN's solutions are ~2 points higher today than they were just 3 months ago, while the CIOs we polled downplayed the impact of the .11ac transition. In addition, Aruba Instant and ClearPass appear to be gaining momentum, with Instant enabling ARUN to defend its enterprise base and ClearPass, which helps IT managers enforce policies across an increasingly diverse and complex set of BYOD employee-owned mobile devices and tablets, pulling additional controller/ access point revenue." Aruba Networks closed at $21.15 on Wednesday.