UPDATE: Deutsche Bank Reduces PT to $136 on F5 Networks on Below-Consensus Guide

Deutsche Bank reiterated its Buy rating on F5 Networks

and reduced its price target from $140 to $136. Deutsche Bank noted, "F5 reported a decent Q2, driven by strong sales to financial services and better than expected EMEA. The Q3 guide ($365 m / $1.18 on the mid-point) was below consensus, indicative of the near-term weakness in IT spending and some customers purchasing software modules, while stretching out the BIG-IP refresh. Still, we remain positive on F5's FY13 growth opportunities in next-gen security, telcos, and Private Clouds; noting potential for near-term TAM and multiple expansion." F5 Networks closed at $98.59 on Wednesday.