Wells Fargo Cuts Estimates and Price Target on F5 Networks (FFIV); Well Positoned, But Economic Headwinds Taking Toll

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Wells Fargo maintains an 'Outperform' on F5 Networks (NASDAQ: FFIV) price target range of $124-$128 (from $148-$154)

Analyst, Jess Lubert, said, "We are reducing our estimates on shares of F5 as we believe the European debt crisis and slowing economic activity in North America may be impacting business confidence levels and global IT spending, as recently highlighted by Cisco (Nasdaq: CSCO), Dell (Nasdaq: DELL), Juniper (Nasdaq: JNPR) and NetApp (Nasdaq: NTAP) to name a few. Our FY2012 and FY2013 EPS estimates go from $4.52 and $5.45 to $4.47 and $5.28."

For Q4, Luberts cuts revenues from $381 mln to $370 mln and EPS lowered from $1.26 to $1.22.

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 $102.16 yesterday, with a 52 week range of $69.01-$139.46.

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