UPDATE: Wedbush Raises PT on F5 Networks to $125, Reiterates Outperform

Wedbush reiterates its Outperform rating on F5 Networks

and raises its price target up $10 to $125 on quarterly beat and raise as new product cycle positions the company for growth. Wedbush says, "We maintain our OUTPERFORM rating as we believe the company is well positioned to deliver growth and profitability ahead of expectations in FY12, driven by its comprehensive new product refresh and robust pipeline. FQ1 results surpassed estimates driven by service contract renewals and generally solid demand across all geographies. While there were some weak areas, including anemic federal performance and lackluster product revenue growth, FQ2 guidance was better-than-expected driven by the company's strong visibility, book-to-bill which was above one, robust deferred revenue growth and management's expectation that product revenue will reaccelerate beginning next quarter." FFIV closed at $108.46 a share yesterday.