In a report published Thursday, Bank of America analyst Tal Liani reiterated a Neutral rating on F5 Networks FFIV, and raised the price target from $112.00 to $120.00.
In the report, Bank of America noted, “F2Q revenue was $5mn or 1% ahead of expectations, EPS was 2c above due to buybacks. F3Q revenue guidance was 1% above consensus and EPS was ~2c ahead. Solid performance is attributed to recent refresh of core ADC products and demand for new security solutions. We increase our proforma FY14/15 EPS estimates from $5.16/5.87 to $5.25/5.97, and raise our PO to $120 accordingly. We maintain our Neutral though as we believe the valuation already reflects ADC growth deceleration and the opportunities in securities.”
F5 Networks closed on Wednesday at $108.19.
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