UPDATE: Stifel Nicolaus Downgrades F5 Networks to Hold
Stifel Nicolaus lowers its rating on F5 Networks (NASDAQ: FFIV) to Hold from Buy as shares have appreciated 30 percent this year. Price target of $140 is removed.
Stifel Nicolaus notes, "Our call is not related to the quarter or the outlook, but due to fact the shares have almost reached our price target and have increased around 30% this year vs the S&P500 at 11%. …Still, given a valuation of 24.5x our calendar 2013 EPS of $5.55, we move our rating to a Hold (even assuming a stretch EPS of $6, the valuation is around 23x)."
FFIV closed at $135.93 on Friday.
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