UPDATE: Piper Jaffray Raises PT to $150 on F5 Networks

Piper Jaffray increases its price target from $125 to $150 on Overweight-rated F5 Networks

on anticipated outperformance continuation Piper Jaffray notes, "After conducting our quarterly channel checks and VAR survey, we feel F5 closed out a solid fiscal Q2 at or slightly above plan. The majority of our channel checks reported above-plan quarters with a favorable outlook for the remainder of FY12 based on the current sales pipeline. Amid renewed market volatility, shares of FFIV have recently given back some of the gains realized in CYQ1. We believe the recent pullback provides investors with a favorable entry point. With new product cycles, favorable data center trends, and an increased focus on selling into security applications, we believe F5 is one of the more attractive investments in our coverage universe and would be buyers of the stock at current levels." FFIV closed at $124.15 on Thursday.