Oppenheimer Maintains Perform on F5 Networks (NASDAQ: FFIV)

Oppenheimer is out with its report today on F5 Networks (NASDAQ: FFIV), maintaining Perform.

In a note to clients, Oppenheimer writes, "Based on our US/Europe channel checks, we come away somewhat mixed on F5's March-quarter sales. The company's Japan exposure adds a layer of complication as it's not clear if any lost revenues are deferred or lost. We estimate the potential Japan-specific shortfall at $5M-7M, and while not a point F5 should be penalized for, it could be just another reason for investors' doubts to persist. Our contacts pointed to a solid pipeline building into the June quarter as more 2011 budgets are finalized, but it's our feeling that mgm't guidance could reflect a cautious view on Japan. Thus, we maintain Perform given Japan uncertainty and potential risk to March results. We've reduced our estimates accordingly."

At the time of posting, shares of FFIV were trading at $102.15, down 0.41% from Thursday's close.