Piper Jaffray Reiterates Overweight on F5 Networks

Piper Jaffray is out with its report today on F5 Networks

, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We continue to view F5 as one of our high conviction ideas based on upbeat near-term channel checks, favorable product cycles (VIPRION 2400 and TMOS 11.0), a likely rebound in service provider sales and an attractive entry point. Channel feedback this quarter has been exceptionally strong and we believe F5 will meet or exceed the high end of guidance. We also believe F5 is well positioned to outperform in the 2H of CY12 with the recently launched VIPRION 2400 gaining significant mind-share with resellers coupled with server virtualization, data center consolidation and cloud based services al providing a favorable tailwind for F5. We are reiterating our Overweight rating and $134 price target on shares of FFIV." Shares of FFIV closed Monday at $109.54, up 3.24% from Friday's close.