UPDATE: Wedbush Raises PT on Aruba Networks to $29

Wedbush is out with its report today on Aruba Networks (NASDAQ: ARUN), raising its PT from $28 to $29.

In a note to clients, Wedbush writes, "We apply a ~5.8x multiple to our CY12 revenue estimate of $547.5mn to arrive at our target. Our multiple represents a discount to premier growth names in our coverage universe, such as Fortinet (8.0x) and Riverbed (6.5x). We believe a discounted multiple is appropriate due to the company's slightly lower margin profile versus premiere names in our coverage universe."

Wedbush maintains Neutral on ARUN.

Shares of ARUN closed Tuesday at $30.97, up 2.75% from Monday's close.