In a report released today, Hamed Khorsand from BWS Financial maintained A10 Networks (ATEN – Research Report) to a Buy, with a price target of $15.00.
Hamed Khorsand’s Buy rating for A10 Networks (ATEN) is influenced by a multitude of factors. While acknowledging that A10 Networks has faced challenges with order timing from major clients, leading to a lowered revenue forecast for the third quarter, Khorsand maintains a positive outlook for the company. This is primarily because ATEN has been making efforts throughout the year to acquire more enterprise customers in order to counteract this volatility. Although this strategy has been successful to some extent, it wasn’t sufficient to compensate for the third quarter’s shortfall.
Khorsand also notes that ATEN’s current valuation suggests an EPS of $0.52 moving forward. However, he believes it’s more probable for ATEN to achieve a 2024 EPS of $0.96, indicating potential for upside. In addition, despite ATEN’s reduced third quarter revenue projection and the company’s fourth quarter revenue guidance falling short of Khorsand’s previous estimate, he still maintains a Buy rating with a reduced price target of $15 from $24. This suggests Khorsand’s belief in the company’s long-term potential despite short-term challenges.
In another report released yesterday, Craig-Hallum also maintained a Buy rating on the stock with a $15.00 price target.
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A10 Networks (ATEN) Company Description:
A10 Networks, Inc. engages in the provision of application networking solutions that help organizations ensure that their data center applications and networks remain highly available, accelerated, and secure. It offers cloud storage, enterprise solutions, security products, data center, application delivery, load balancing, and distributed denial of service protection. The company was founded by Lee Chen in 2004 and is headquartered in San Jose, CA.
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