Caris Cuts Estimates, Price Target on F5 (FFIV) as 'Macro Concerns Have Resulted in More Cautious Spending Patterns'

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Investors in shares of F5 (Nasdaq: FFIV) are responding to a reduced price target and revised estimates from Caris & Company's John Slack Tuesday. Although the analyst reiterated an Above Average rating on F5, he sees continued macro uncertainty potentially weighing soon.

The analyst said, "Near-term macro concerns have resulted in more cautious spending patterns, particularly among F5′s Fortune 500 and Service Provider customers. To be clear, recent checks have not indicated any incremental leg-down in F5′s business in the in the June quarter, but rather the broader environment remains sluggish..."

Slack lowered his price target on the stock from $150 to $135, his third-quarter earnings estimate from $1.17 to $1.14 and his FY12 EPS estimate from $4.58 to $4.53. The Wall Street consensus estimates currently sit at $1.14 for the quarter and $4.52 for the year.

With shares of F5 up 0.3 percent to $96.24 at last check, Slack's new target still suggests potential upside of about 40 percent.

To track all the market-moving analyst action on shares of F5, visit our Analyst Ratings page.

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