Deutsche Bank Reiterates a 'Buy' on F5 Networks (FFIV); No Complaints

Deutsche Bank reiterates a 'Buy' on F5 Networks (NASDAQ: FFIV) price target raised from $125 to $130.

Deutsche analyst said, "A solid beat and raise from F5, driven by strong sales execution: Q1 revenues of $322.4 m and pro-forma EPS of $1.03 – both beats, versus our estimate and consensus. The Q2 guide ($334.5 m / $1.06 [mid-point]) was above our estimate and consensus. Book/Bill was greater than 1.0x. F5 is among our top mid-cap ideas; a play on early stage ADC product cycle ramps: e.g. traffic management, security offload, mobile data, Web security, etc...We see 2012 as a turning point year for F5, with major product cycles in enterprise datacenters, telcos, and the Cloud providers helping to drive above target growth for F5’s Application Delivery solutions."

"Our updated revenue and pro-forma EPS estimates are: 2Q FY12E was $335.5 m and $1.01, is $335.5 m and $1.06; 3Q FY12E was $355.7 m and $1.08, is $355.7 m and $1.11; FY12E was $1.39 b and $4.25, is $1.39 b and $4.38; CY12E was $1.44 b and $4.36, is $1.45 b and $4.52; and FY13 is $1.63 b and $5.04."

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 $108.46 yesterday.

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