Canaccord Adams Initiates Coverage on F5 Networks (FFIV) with a Speculative Buy
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Canaccord Adams initiates coverage on F5 Networks (Nasdaq: FFIV) with a Speculative Buy. Price target $41.50.
Canaccord analyst says, "A material consideration behind our call is one of potential M&A. Should timing not work out as anticipated, we find comfort in fundamental improvement that has taken place during the quarter, estimates that leave headroom and a target multiple equal to the share’s mean multiple over the prior two years. Why we think F5’s the one...Simply put, whether you believe the market will ever embrace the vertical IT stack (cloud) or not, the major IT suppliers are clearly positioning themselves for that potential (e.g. Oracle/Sun). Relative thereto, we view F5 as among the most strategic companies in the market in that it represents the “glue” between the application/server and the network layers, which is a must-have (in our view) for those serious about being the suppliers of end-to-end next-generation data centers (NGDCs)."
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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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