UPDATE: Wunderlich Securities Reiterates On F5 Networks On More Duration For Product Cycle

In a report published Thursday, Wunderlich Securities analyst Matthew S. Robison reiterated a Hold rating on

, and raised the price target from $110.00 to $118.00. In the report, Wunderlich Securities noted, “F5 Networks (FFIV) is now in a relatively high visibility phase of upgrades, both for the company's BIG IP installed base and the one-time competitive Cisco (CSCO-$25.68, Hold) offering. "This demand cycle is a lengthier opportunity than we previously thought and may extend until we start to see meaningful SDN-drive activity 2+ years from now. Because of this, we are moderately increasing our forecast and 12-month price target, which is now $118, up from $110. However, we believe since this adjustment to the valuation accorded to the shares is largely recognized, our rating remains Hold.” F5 Networks closed on Wednesday at $110.81.