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F5 Networks price target lowered to $175 from $200 at Needham
The Fly

F5 Networks price target lowered to $175 from $200 at Needham

Needham analyst Alex Henderson lowered the firm’s price target on F5 Networks to $175 from $200 but keeps a Buy rating on the shares after its Q1 results and guidance. The company is seeing much softer than expected Software Revenue growth, with new Customer/Project Software down double digits, the analyst tells investors in a research note. Needham adds that reduced price target is justified by erosion in the mix and a reduction in the Systems backlog visibility, though the firm also maintains that the stock is "undervalued" at 11-times multiple on enterprise value to expected 2023 EBITDA basis.

Published first on TheFly

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