Jefferies Raises Price Target on F5 Networks (FFIV) to $130 Following Analyst Day
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Jefferies reiterated a Hold rating on F5 Networks (NASDAQ: FFIV), and raised the price target to $130.00 (from $120.00), following the company's analyst day. F5 continues to focus hard on its opportunity in the Cloud and reinvigorating Y/Y Product growth rates. Management provided a detailed look into the factors driving customer buying decisions right now. The Cloud discussion emphasized application and workload portability across on-premise data center and multiple Cloud environments.
Analyst George Notter commented, "F5’s Analyst Day focused on its Cloud strategy and new features of its product refresh. We think F5 is well positioned to benefit from all the disruption in the application infrastructure space right now. Nonetheless — at current levels — we still feel that the risk/reward is balanced."
Shares of F5 Networks closed at $142.01 yesterday.
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