Morgan Keegan Maintains Market Perform on iRobot

Morgan Keegan is out with its report today on iRobot IRBT, maintaining Market Perform. In a note to clients, Morgan Keegan writes, "Overall, we continue to be optimistic about the company's long term outlook, but have concerns about growth on the defense side over the next several years, and view iRobot's potential fairly valued at current levels (we expect 11.8% earnings growth on average over the next two years, and shares of IRBT are currently trading at 32.0x estimated 2011 EPS and 25.4x estimated 2012 EPS). We maintain our Market Perform rating and $29 price target." Shares of IRBT closed Thursday at $30.64.