UPDATE: Wunderlich Securities Downgrades F5 Networks to Hold Post Weak Q4 Results

Wunderlich Securities reduced its rating on F5 Networks

from Buy to Hold and lowered its price target from $115 to $100. Wunderlich Securities noted, "With the forecast cut, we are reducing our target to $100 from $115 and also revising our rating to Hold from Buy. Despite prodigious cash flow, there is not enough near-term catalysts to buy the shares. However, the after-hours trading price of $83.25 represents an EV/2013E EBITDA of 7.8x (this is after subtracting the free cash flow we forecast for 2013 from the EV) and may be attractive for those willing to wait through a decaying economic environment. Our target represents an EV/2013E EBITDA of 9.9x." F5 Networks closed at $93.32 on Wednesday.