UPDATE: ISI Raises Price Target on F5 Networks to $130

According to ISI, F5 Networks (NASDAQ: FFIV) price target is raised to $130.

ISI said that skeptics have long questioned whether FFIV's core ~$1.5 billion total available market (TAM) in application delivery controllers (ADCs) was large enough to sustain 20%+ top-line growth and a premium valuation. “We are raising our CY12 estimate to $4.85 EPS on $1,479 million revenue (22.7% growth) vs. our prior $4.75 EPS on $1,462 million revenue (21.7% growth).”

F5 Networks closed yesterday at $108.46.