Fresh from touching a 52-week high on Wednesday and upping its revenue guidance, Sandvine Corp. was hit by a downgrade from Scotia Capital and even RBC Dominion Securities suggests waiting "for a better entry point" to buy the stock. Analyst Gus Papageorgiou of Scotia took his rating down to "sector underperform" from "sector perform," urging investors to "take profits" in the maker of broadband network products. But he raised his one-year target price to $5.50 from $4.50. The shares are trading at $5.37 on the TSX Thursday, down 8 cents, after gaining 47 cents on Wednesday, with a new high of $5.60. While he still likes the outlook for the company and industry, he figures they've been fully reflected in the share price, which is trading at a forward price-earnings multiple of 50 times. He suggests investors come back to Sandvine in the $4-to-$5 range, which would bring down the multiple to 22 times to 28 times forward profits. Analyst Steve Arthur at RBC also upped his price target to $5.50 from $4.25, rolling forward his valuation to estimated per-share profit in 2009 of 22 cents a share, with a target multiple of 25 times.