Extreme Networks initiated with Outperform, $35 target at Oppenheimer

Oppenheimer analyst Timothy Horan initiated coverage of Extreme Networks (EXTR) with an Outperform rating and $35 price target. The company provides critical edge infrastructure and software enabling the convergence of compute, network, and security, similar to Cloudflare’s (NET) strategy in neutral datacenters, the analyst tells investors in a research note. The firm says edge infrastructure is required for better performance and security and that Extreme is well positioned to capitalize as a provider of enterprise network/compute solutions from the edge to the data center. It views the shares as attractively valued at current levels.