UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on F5 Networks on Positive Data Points

In a report published Tuesday, Bank of America analyst Tal Liani reiterated a Neutral rating on

, and raised the price target from $120.00 to $138.00. In the report, Bank of America noted, “The ADC market has shown positive signs this year, with YoY growth rates averaging ~14% in the last 3 quarters. During this period, F5 gained market share primarily due to new product releases and product upgrades, as well as the implementation of Good, Better, Best pricing. F5's non-ADC segments (security, access policy management, traffix, CGN) have also seen improvement, rising 35% YoY (our estimates). Based on these positive trends we raise our PO to $138 from $120, and maintain our Neutral rating on valuation.” F5 Networks closed on Monday at $122.16.