Broadpoint AmTech Raises F5 Networks (FFIV) Price Target To $76

Broadpoint AmTech analyst Brian Marshall maintained his Buy rating for shares of F5 Networks, Inc. (Nasdaq: FFIV) and raised the price target from $63 to $76.

Marshall also raised his estimate for F5 Networks' 2010 earnings per share 3% from $2.30 to $2.36.

Marshall said that despite exceeding the previous price target of $63 and a year-to-date appreciation of 20%, he does not believe that selling shares now would be a good strategy.

The Broadpoint AmTech analyst wrote, "in our view, F5 represents one of the best financial models in the technology industry today (25% revenue growth in CY10 with an 80%+ gross margin and a 31%+ operating margin) driven by its value-added ADCs and proprietary TMOS operating system. We are reiterating our BUY rating and raising our CY10 pro forma EPS by 3% to $2.36 and our price target to $76 (based on 30x our ex-interest income pro forma CY10E EPS of $2.25 and adding back net cash per share of $8.05)."