1. Matt Diehl Thursday December 8, 2011

2. Business Overview High-performance networking company Sells products and services that provide network infrastructure Routing and switching products Protect the network, enhance bandwidth, and speeds up applications

3. Fundamentals

5. SWOT (Strengths) Gained market share largely at the expense of Cisco One of the few financially healthy telecom vendors Strong growth and new technology over the next few years

6. SWOT (Threats) Competition with Cisco Asian vendors Alcatel-Lucent (ALU), Huawei Riverbed Technology (RVBD)

7. SWOT (Weaknesses) Weak carrier demand Macroeconomic issues If new products don’t sell

8. Fair Value Current Price: $21.31 52 Week Range: $16.67-$45.01 Fair Value: $30.00 Consider Buy: $21.00 Consider Sell: $40.50 4 star Morningstar rating

9. YTD Chart

10. Checklist

11. Recommendation Buy 100 shares Take advantage of beat down of price Price under the fair value and at the buying recommendation