Aruba Networks (ARUN) shares are trading higher after Broadpoint.Amtech analyst Stephen Patel launched coverage of the company with a Buy rating and $16 price target.
“ARUN’s leadership position and share gain opportunities make it our favored way to play one of the fastest growing sectors in networking as corporate [wireless networks] goes from a nice-to-have to a must-have,” he writes in a research note. Patel thinks the company can grow sales at a 30% annual rate over the next two years.
ARUN is up 48 cents, or, 3.7%, to $13.41.
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