Deutsche Bank (DB) lowered its price target on shares of Aruba Networks Inc. (NASDAQ:ARUN) to $17 from $26, while maintaining its "Hold" rating.
Aruba reported Q3 revenues of $132 million, in line with DB's estimate and consensus of $132 million. Pro-forma EPS was $0.16, also in line with DB's estimate and consensus of $0.16. The company guided below expectations.
While the brokerage sees continued growth in underlying markets, it remains cautious on the company's outlook, meriting a continued "Hold" rating.
Aruba Networks connects local and remote users to corporate information technology resources via distributed enterprise networks. Its portfolio of campus, branch office, teleworker, and mobile solutions simplify operations and provide secure access to all corporate applications and services regardless of a user's device or network.
ARUN closed Friday's regular session down 6.93% at $14.24.