UPDATE: Deutsche Bank Raises Target to $130, Maintains Buy on F5 Networks

Deutsche Bank reiterates its Buy rating on F5 Networks (NASDAQ: FFIV) and raises its price up $5 to $130 as the company beats expectations through solid execution.

Deutsche Bank says, "A solid beat and raise from F5, driven by strong sales execution: Q1 revenues of $322.4 m and pro-forma EPS of $1.03 – both beats, versus our estimate and consensus. The Q2 guide ($334.5 m / $1.06 [mid-point]) was above our estimate and consensus. Book/Bill was greater than 1.0x. F5 is among our top mid-cap ideas; a play on early stage ADC product cycle ramps: e.g. traffic management, security offload, mobile data, Web security, etc."

FFIV closed at $108.46 per share on Wednesday.