UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on F5 Networks

In a report published Wednesday, Wedbush Securities reiterated its Outperform rating on F5 Networks

, and raised its price target from $95.00 to $110.00. Wedbush Securities noted, “We maintain our OUTPERFORM rating as we believe F5 is well positioned to deliver growth and profitability in 2H13, driven by a comprehensive product refresh. Given its leading share position and the recent exit of Cisco, we believe F5 remains well-positioned to capture additional share and push into adjacencies. Near term, we think upgrading older products and an increase in carrier capex could drive uptake of new hardware and software platforms ahead of expectations. Longer term, we expect growth to be sustained by entry and expansion in adjacent markets. We believe there is near-term risk of a pause in purchasing as customers evaluate new solutions, however we are optimistic on the potential for revenue acceleration in the 2H13. We recommend investors own shares of F5 Networks.” F5 Networks closed on Tuesday at $98.05.