William Blair analyst Jason Ader believes Gigamon's miss in Q4 is not reflective of a structural change in the company's end-markets, either from a demand or competitive standpoint. Gigamon remains the clear market leader in visibility fabrics, Ader tells investors in a post-earnings research note. He attributes the weak results and guidance to project-based lumpiness, uneven sales execution in U.S. enterprise and an overreliance on existing accounts. He thinks management "ripped the band aid off," which should de-risk estimates. Ader likes the stock's risk/reward around $27 and keeps an Outperform rating on Gigamon.