Oppenheimer Upgrades F5 Networks (FFIV) to Outperform
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(Updated - September 14, 2016 9:27 AM EDT)
Oppenheimer upgraded F5 Networks (NASDAQ: FFIV) from Perform to Outperform with a price target of $140. Analyst Ittai Kidron is more positive on the stock following meetings with management.
"We come away incrementally positive and believe the company has several potential drivers ahead that could drive YoY product revenue growth back into positive territory in FY17. Near term, we see the upcoming product refresh cycle and the introduction of new standalone security appliances as key potential revenue growth drivers. Longer term, we believe F5 is taking the right steps to sell into public and private cloud environments (channel and go-to-market adjustments), drive more security services (Silverline), and improve automation and manageability to facilitate easier deployments. Given these near-term and longer term drivers and moderate investor expectations, we see upside in the shares," said Kidron.
Shares of F5 Networks closed at $116.84 yesterday.
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