UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Aruba Networks Following FYQ3 Revenues

In a report published Friday, Deutsche Bank analyst Brian Modoff reiterated a Hold rating on Aruba Networks

, but lowered the price target from $16.00 to $13.00. In the report, Modoff noted, “Aruba reported FYQ3 revenues of $147.1m, above our estimate of $145m but below consensus of $150m. Pro-forma EPS of $0.11 was below our estimate of $0.12 and consensus of $0.14. The company guided to Q4 revenue of $148m - $150m, versus our estimate $151m and consensus of $157m. They expect pro-forma EPS of $0.10-0.12, below our estimate and consensus of $0.17. Overall we are constructive on Aruba's technology; however, we remain neutral on the stock at current levels given the competitive pressures. We maintain our Hold and lower our price target to $13.” Aruba Networks closed on Thursday at $17.61.