UPDATE: Goldman Sachs Lowers PT on F5 Networks on Weak F2QFY13 Results

In a report published Friday, Goldman Sachs analyst Kent Schofield reiterated a Buy rating on F5 Networks FFIV, but lowered the price target from $111.00 to $98.00. In the report, Schofield noted, “F5 pre-announced F2QFY13 (March) results significantly below GSe/consensus estimates and previous guidance. It expects revenue to be $350.2 mn (+3% yoy, -4% qoq) below previous GSe/consensus of $378 mn/$376 mn and previous guidance of $370-380 mn. It expects the non-GAAP operating margin to be 34.5% below GSe 37.4%. It expects EPS to be in the range of $1.06-1.07 (down approximately 2% yoy), which is below previous GSe/Consensus of $1.24/$1.23 and guidance of $1.21-1.24. The company did not provide guidance for F3QFY13 (June).” F5 Networks closed on Thursday at $90.42.