UPDATE: Oppenheimer Upgrades Riverbed Technology to Outperform (RVBD)

Oppenheimer is out with its report today on Riverbed Technology (NASDAQ: RVBD), upgrading RVBD from Perform to Outperform.

In a note to clients, Oppenheimer writes, "We're upgrading Riverbed to Outperform from Perform following the company's positive preannouncement and setting a $40 price target. Consistent with our checks, 1Q11 is set to land ahead of expectations, easing some spending concerns in Europe, Japan and US (Federal). While details and guidance weren't disclosed, we believe management is aware that a positive preannouncement could set high expectations for June guidance. Our checks for 2Q11 were upbeat. We see further opportunities in 2011 with growth drivers such as Cascade, Cloud Steelhead and Whitewater gaining traction in 2H11 and supporting 2012 growth. We like Riverbed's leadership and we see robust demand trends, share gain opportunities and margin expansion potential, and would own the shares."

At the time of posting, shares of RVBD were trading pre-market at $35.15, up 13.68% from Tuesday's close.