UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on F5 Networks Following Solid Results and Guidance

In a report published Thursday, Bank of America analyst Tal Liani reiterated a Neutral rating on

, and raised the price target from $112.00 to $120.00. In the report, Bank of America noted, “F2Q revenue was $5mn or 1% ahead of expectations, EPS was 2c above due to buybacks. F3Q revenue guidance was 1% above consensus and EPS was ~2c ahead. Solid performance is attributed to recent refresh of core ADC products and demand for new security solutions. We increase our proforma FY14/15 EPS estimates from $5.16/5.87 to $5.25/5.97, and raise our PO to $120 accordingly. We maintain our Neutral though as we believe the valuation already reflects ADC growth deceleration and the opportunities in securities.” F5 Networks closed on Wednesday at $108.19.