UPDATE: FBN Securities Reiterates Sector Perform Rating, Raises PT on F5 Networks

In a report published Friday, FBN Securities reiterated its Sector Perform rating on F5 Networks

, and raised its price target from $100.00 to $110.00. FBN Securities noted, “We retain our Sector Perform rating on FFIV and increase our PT from $100 to $110. The company has experienced notable product revenue deceleration over the past several quarters (to only 4% in FQ1/Dec. from 18% three quarters before), and its product book-to-bill ratio of <1.0 following 1.0 the prior quarter) does not bode well for product revenue growth in FQ2/Mar. However, the company has many new products that will contribute to revenue growth in FH2 that should result in significant product revenue acceleration.” F5 Networks closed on Thursday at $103.22.