UPDATE: Loop Capital Starts F5 Networks (FFIV) at Buy
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Loop Capital analyst Fahad Najem initiates coverage on F5 Networks (NASDAQ: FFIV) with a Buy rating and a price target of $273.00.
The analyst comments "Missing the Forest for The Trees...Post FY1Q22 Pullback Offers Compelling Opportunity. We are initiating coverage with a Buy rating and setting our 12-month Price Target to $273, based on 21x our Street-high CY24 EPS (Ex-ESC) $15.72 forecast and discounting by 10%, implies over 40% upside in F5 shares. F5 ties with CIEN (buy, $87PT) and FN (buy, $120PT) as our second-best top pick for CY22. The ongoing shift of enterprise workloads to Public Cloud and the emergence of edge-cloud opportunity should significantly expand the TAM for Application Delivery Controllers (ADCs) and particularly for F5. Post FY1Q22 operating results and FY2Q22 outlook, we are mindful of investor concerns regarding the uneven progress in F5's revenue growth, however, as a reminder, we think progress is seldom ever always linear and see F5 shares as offering a compelling entry point for growth-oriented investors."
Shares of F5 Networks closed at $195.82 yesterday.
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