UPDATE: Deutsche Bank Cuts PT to $140 on F5 Networks on Near-Term Macro Concerns

Deutsche Bank reduces its price target on F5 Networks FFIV from $150 to $140, but reiterates its Buy rating on shares. Deutsche Bank comments, "We are lowering Price Target, due to near-term macro concerns, while maintaining our conviction intact on F5's secular growth story; especially meaningful growth prospects in security, mobile broadband, and the core ADC business. Basis for our estimates adjustment is our latest research with IT decision makers and the IT channel; combined with weak IT spending reads from Cisco (Buy, $16.69)), NetApp (Buy, $32.86), Dell (Buy, $12.49), etc. Near-term weakness in Financial Services, Technology, etc could reflect in F5's Q3 results and potentially impact 2H+ outlook." FFIV closed at $17.84 on Wednesday.