Goldman Sachs Maintains Neutral Rating and $96 PT on F5 Networks

A report from Goldman Sachs reiterates its Neutral rating and $96 price target on F5 Networks

. The report states, “F5 reported a top- and bottom-line beat 4QFY11 (Sep.), with revenue/nonGAAP EPS at $314.6 mn/$1.06 above our estimates of $308.6 mn/$0.99 and the Street at $308.5 mn/$0.98. For 1QFY12, management guided for revenue of $315-$320 mn, in line with prior GS/Street at $323.7 mn/$320.0 mn, and EPS of $0.99-$1.01, vs. GS/Street at $1.04/$1.00. F5 reiterated revenue growth of at least 20% yoy in FY12, a gross margin in line with 1QFY12 at 82% +/-50 bp, and an operating margin at or around 38%." FFIV closed yesterday at $88.76.