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Thursday, Jun 28
2012, 10:19 AM
Riverbed (RVBD +2.3%) bounces off its 52-week lows after Needham's Alex Henderson launches...
Riverbed (RVBD +2.3%) bounces off its 52-week lows after Needham's Alex Henderson launches coverage with a Strong Buy and $25 PT. Henderson touts Riverbed's valuation (13.3x estimated 2013 EPS), and attributes some of its recent woes to its sales force's efforts to sell products other than Riverbed's core WAN optimization gear. He thinks a recent sales reorg will right the ship. Yesterday, Jefferies upgraded Riverbed to Hold on valuation grounds.