UPDATE: Goldman Sachs Upgrades F5 Networks to Buy on Expectations Reset, 2013 Catalysts,

Goldman Sachs raised its rating on F5 Networks FFIV from Neutral to Buy and raised its price target from $104 to $106. Goldman Sachs said, "F5's shares have lagged the S&P/NASDAQ by 29%/30% year-to-date as product revenue yoy growth has decelerated and consensus estimates have been cut. … We estimate that three FY13 opportunities will drive an incremental approximately 7% percentage points yoy product revenue growth, on top of consensus FY13 product revenue growth estimates of 9%. The three opportunities are: (1) fixed (BIG-IP) application delivery controller (ADC) product refresh (we estimate an incremental 3% yoy), (2) share gains from Cisco's ADC market exit (3% benefit), and (3) security software module growth (1% benefit)." F5 Networks closed at $86.14 on Monday.
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Posted In: Analyst ColorUpgradesPre-Market OutlookAnalyst RatingsGoldman Sachs
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