North America Equity Research
14 April 2009
ARUN, ARUN US
Upgrading to Neutral as 802.11n Migration Re-
Energizes WLAN Market
Communciations Equipment &
Ehud A. Gelblum, PhDAC
Kimberly A. Watkins, CFA
J.P. Morgan Securities Inc.
Aruba Networks, Inc. (ARUN;ARUN US)
EPS (pro forma) ($)
Revenues FY ($ mn)
Estimates in earnings box exclude stock compensation expense.
Source: Company data, Reuters, J.P. Morgan estimates.
Date Of Price
13 Apr 09
52-week Range ($)
7.27 - 1.85
Mkt Cap ($ mn)
Fiscal Year End
Shares O/S (mn)
See page 7 for analyst certification and important disclosures.
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We are upgrading Aruba to Neutral from Underweight, as we believe the recent
introduction of next-gen 802.11n products into the marketpla