UPDATE: Bank of America Lowers PT on A10 Networks Inc on Attractive Buying Opportunity

In a report published Thursday, Bank of America analyst Tal Liani reiterated a Buy rating on A10 Networks (NYSE: ATEN), but lowered the price target from $19.00 to $8.00.

In the report, Bank of America noted, “A10 preannounced negatively 3Q14 results, with revenue expected in a range of $43-$43.5mn, -4% QoQ, below guidance of $48-$50mn, 9% QoQ. The shortfall was attributed to lower than anticipated North American demand and delays in deal closings. However, we blame more structural issues of sales execution that may take time to address. Nevertheless, we view the current weakness as a particularly attractive buying opportunity, focusing on A10's strong product portfolio and attractive valuation. We lower our PO to $8 from $19 and maintain our Buy.”

A10 Networks closed on Wednesday at $4.55.