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RBC Capital Cuts Radware Estimates

RBC Capital cut its estimates and price target for Intelligent Application Switching solutions manufacturer Radware (RDWR).

Analyst Mark Sue cut his earnings per share guidance far below his and consensus estimates. He believes disappointing results due to rising competitive pressures following a recent merger and acquisition activity in the layer 4 to 7 market (i.e. Cisco's acquisition of Fineground and AON, and Juniper's acquisition of Redline).

He believes a dramatic change in the competitive environment continues to create purchasing delays. He thinks issues may take more than one or two quarters to be rectified.

Sue cut his 96 cents 2005 earnings per share estimate to 45 cents, $1.13 2006 earnings per share estimate to 85 cents, and his target to $20. However, the company's balance sheet remains strong and he keeps an outperform rating.

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