UPDATE: Oppenheimer Raises PT to $150 on F5 Networks

Oppenheimer increases its price target from $130 to $150 on Outperform-rated F5 Networks

as channel checks suggest in-line March and a stronger June. Oppenheimer says, "Our contacts suggest F5 is benefiting from solid demand for its VIPRION 2400 solution as well as rising attach-rates for its application delivery modules (ASM, APM, LTM, GTM). Looking ahead, we see a strong June building as our checks highlight a solid pipeline and increased government spending. Considering the recent run-up, we believe the stock could stall near term, but with a bullish view on June, our thesis is unchanged. We believe F5 continues to expand its market opportunity beyond the traditional ADC market and has opportunities to gain share in 2012." FFIV closed at $136.66 a share yesterday.