Deutsche Bank initiated coverage of A10 Networks (ATEN) with a Buy rating and $22 price target The firm views A10 as a “unique SMID-cap story,” offering a “differentiated mix” of high-single digit revenue growth, 80%-plus gross margins, and 25% adjusted EBITDA and free cash flow margins, which supports both share buybacks and dividends. Collectively, this “represents a rare combination of attributes for a stock with ~$1bn in market cap,” the analyst tells investors in a research note.
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