Needham & Company Starts Procera Networks (PKT) at Buy
Needham & Company initiates coverage on Procera Networks (NASDAQ: PKT) with a Buy and $25 price target, suggesting 48% upside.
The firm calls PKT "a pure play in the Intelligent Traffic Management market with technology based on Deep Packet Inspection." They see rapid sector growth of 25-35%.
"The market for DPI systems that enable traffic differentiation and policy enforcement is growing at a rapid rate. This growth is driven by the exceptional growth in wireless and wireline service provider IP traffic, which is generally in the 50-100% vicinity for wireless service providers and in the 30-50% vicinity for wireline networks."
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Shares of Procera Networks closed at $16.93 yesterday, with a 52 week range of $15.88-$25.99