MKM Partners on F5 Networks (FFIV): Due Diligence Shows Few Changes to Competitive Landscape

August 2, 2012 11:57 AM EDT
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Price: $143.37 --0%

Rating Summary:
    21 Buy, 30 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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MKM Partners maintains a 'Buy' on F5 Networks (NASDAQ: FFIV) price target of $130.00.

Analyst, Michael Genovese, said, "VMware’s (NYSE: VMW) acquisition of SDN (software defined networking) leader Nicira has raised questions about potential competitive overlap with F5’s ADN (application delivery networking) platforms. According to our due diligence the products are complementary with minimal overlap. Several other recent deals more directly target the Layer 4-7 ADN space including the Juniper (Nasdaq: JNPR) and Radware (Nasdaq: RDWR) and Juniper (Nasdaq: JNPR) and Riverbed (Nsadaq: RVBD) partnerships and Citrix’s (Nasdaq: CTXS) Bytemobile acquisition. Our analysis of these threats suggests the competitive environment is only slightly changed from before."

MKM has 'Buy' rating on CTXS (PT$95) and VMW (PT$130). 'Neutral' rating on CSCO (PT $20), JNPR (PT$20), and RVBD (PT$16)

For an analyst ratings summary and ratings history on F5 Networks click here. For more ratings news on F5 Networks click here.

Shares of F5 Networks closed at $93.91 yesterday.

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