UPDATE: Piper Jaffray Upgrades F5 Networks on Expected Improved Execution/Product Growth

In a report published on Friday, Piper Jaffray analyst Troy D. Jensen upgraded F5 Networks FFIV from Neutral to Overweight and increased the price target on the company from $80 to $88.

In the report, Piper Jaffray stated, "We believe F5 will report significantly better results in 2013 given new product cycles, easy comps, pent up demand in the service provider vertical and a significant number of new product cycles that should ramp throughout the year. Based on our recent round of channel checks, we believe the June quarter will be at the upper end of guidance and above consensus estimates, and we anticipate modest upward earnings revisions. We also believe this strength will continue given channel comments regarding 2H pipeline, a record number of new product introductions and ongoing strength in the security market. This, coupled with what we believe is an attractive valuation should drive share price appreciation as earnings revisions play-out."

F5 Networks closed on Thursday at $76.09.