F5 Networks (FFIV) PT, Estimates Raised at Piper Jaffray on Solid Q3

Piper Jaffray analyst Troy Jensen reiterated an Overweight rating on F5 Networks (NASDAQ: FFIV) and boosted his price target to $130.00 (from $120.00) following solid Q3 results.

Jensen comments, "FFIV remains our top networking pick for 2014 as we believe improved execution following the largest product refresh cycle continues to materialize. The company reported impressive FQ3 results with product growth above 20% for a second straight quarter. Following optimistic commentary from management, we believe Security will continue to drive further upside to growth estimates. As one of the only growth stories in IT hardware, we expect further multiple expansion ahead of the comp group. As such, we are reiterating our Overweight rating and increasing our price target to $130 (from $120) due to higher operating income assumptions. Our price target equates to 18x (from 17x) our fully taxed CY15 operating income assumption plus cash."

The firm raised FY 2014 EPS from $5.27 to $5.34 and FY 2015 EPS from $5.95 to $6.20.

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 $110.81 yesterday.

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