Morgan Keegan Raises PT on NetScout to $22

Morgan Keegan has published a research report on NetScout Systems (NASDAQ: NTCT) and has raised the price target on the company from $20 to $22 after the company reported solid 3Q results.

In the report, Morgan Keegan writes, "Netscout reported 3Q12 results of $83.4 million in revenue (+15% Q/Q and +9% Y/Y) and $0.35 in EPS, ahead of consensus expectation of $82 million in revenue and $0.33 in EPS. Service provider bookings grew 44% Y/Y and 31% Q/Q. Management also reiterated its previous FY12 guidance but tightened the range to $300-310 million in revenues and $1.07-$1.11 in EPS, slightly ahead of consensus expectations for the year of $304 million in revenues and $1.07 in EPS, as a result of strong backlog driven by several large deals. NTCT's performance underscores the fact that it remains well positioned to capitalize on increasing network complexity and the need for application visibility and uptime."

Morgan Keegan maintains its Outperform rating on NetScout Systems, which is currently trading down $2.95 from yesterday's $22.95 closing price.