Piper Sandler raised the firm’s price target on F5 Networks to $170 from $164 based on 13-times EV/2025 free cash flow of $709M, which implies a 14-times 2024 free cash flow multiple and 13-times near-term price-to-earnings. The firm keeps a Neutral rating on the shares and says it continues to prefer more earnings resilient names in the space with reasonable valuations and catalysts within Infrastructure.
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