The upgrade comes after the Santa Clara, CA-based enterprise and service provider agreed to be taken private by Vista Equity Partners in a $1.6 billion deal yesterday.
Vista Equity will pay $26.50 per share for the company.
"We do not anticipate counterbids given our view for a structurally challenged refresh opportunity for BLOX's core IP Address Automation portfolio and lack of clarity on DNS security as a next phase growth driver," Deutsche Bank wrote in a note received today.
But the firm noted it is "moving to the sidelines" following the announcement of the deal.
Separately, Guggenheim downgraded Infoblox stock to "neutral" from "buy" today.
Shares of Infoblox were slightly lower on heavy volume in mid-afternoon trading. More than 2.74 million of the company's shares changed hands so far today vs. its average volume of 2 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.
But the team also finds that the growth in the company's net income has been quite unimpressive.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BLOX