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Citigroup Ups F5 Networks to Buy

From Standard & Poor's Equity Research

Citigroup upgraded F5 Networks (FFIV) to buy from hold, noting a drop in the share price.

Analyst Alex Henderson says the company is competitively strong with sustainable technology and go-to-market advantages in the high-value market space. He believes the company's addressable market will grow at least 25% in calendar year 2006, and the company should be able to grow at least 30% in calendar year 2006 as it continues to gain share. He thinks the company is likely to post $98 million in revenue in the June quarter, or 4% sequential growth, even as it rebuilds book-to-bill to 1.0 or above from approximately 0.97 last quarter. Overall, he views the demand environment as solid, and the company's execution as strong.

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