Piper Jaffray Reiterates an 'Overweight' Rating on F5 Networks (FFIV); Raises Price Target

July 6, 2009 8:42 AM EDT

Piper Jaffray & Co. reiterates an 'Overweight' rating on F5 Networks Inc. (Nasdaq: FFIV), raises price target from $29 to $39.

Piper analyst says, "We believe F5's U.S. sales experienced a nice sequential improvement in the June quarter and should allow F5 to hit the higher end of revenue and EPS guidance. Our Q2 channel checks indicate demand in EMEA (23% of sales) remained relatively flat q/q, while our U.S.-based contacts (55% of sales) indicated demand improved modestly. We are raising our estimates for the June quarter to $156.0M (cons $153.2M), which equates to 1.2% q/q growth and is at the higher-end of management's $148-157M guidance. Gartner's new market share results indicate the Advanced ADC market declined a modest 6.3% y/y in Q1. F5 lost 310 bps in Q1 to 52.2% share, but still maintained a significant lead over #2 Citrix (Nasdaq: CTXS) (15.9%)."

To see more analyst ratings on FFIV Click Here.

F5 Networks, Inc. is a provider of application delivery networking products that ensure the security, optimization and availability of applications for any user, anywhere.

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