UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on F5 Networks on Solid Beat and Raise Story

In a report published Thursday, Deutsche Bank analyst Brian Modoff reiterated a Buy rating on F5 Networks FFIV, and raised the price target from $100.00 to $107.00. In the report, Deutsche Bank noted, “Solid beat and raise story; reiterate our Buy rating. Strong results from F5: Q4 ($395.3M / $1.26) – beat on revs and EPS vs DB and consensus, and the Q1 guide calling for $395M / $1.19 – a beat on revs and a penny light on EPS vs consensus at the mid-point. F5's FY-end Q saw good sales execution – product revs up +8% Q/Q; Americas business up +15% Y/Y. Management noted strength in the ADC refresh cycle, strength in security (~30% of ADC sales involving ASM, APM, AFM modules), strength in Diameter routing, and a positive setup for FY14, while cognizant of the uneven macro.” F5 Networks closed on Wednesday at $86.33.