UBS Maintains a 'Neutral' on F5 Networks (FFIV); Cutting Estimates on Continued Concerns in Europe

May 31, 2012 10:52 AM EDT Send to a Friend
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Price: $108.40 --0%

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UBS maintains a 'Neutral' on F5 Networks (NASDAQ: FFIV) price target lowered from $140 to $120.

Analyst, Nikos Theodosopoulos, said, "EMEA is ~20pct of sales and given increasing macro spending risks and recent reports from peers Cisco (Nasdaq: CSCO) and Infoblox (Nasdaq: BLOX), we are now modeling Europe down 5% seq while maintaining a 5% seq increase in US and ROW. We are now at low end of guidance of $350M-$355M for the June quarter."

"We now estimate FY12/13 sales of $1.379B/$1.630B, down from $1.397B/$1.659B. Our FY12 and FY13 sales growth estimates are now 20% and 18% down from 21% and 19% previously. We forecast FY12/13 EPS of $4.44/$5.28, down from $4.49/$5.37 previously."

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 $107.54 yesterday.




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