Needham analyst Alex Henderson raised the firm’s price target on F5 Networks to $180 from $175 and keeps a Buy rating on the shares. The company’s Q3 earnings beat estimates, but its sales mix shifted to Services, up 8%, and Systems, up 5% while the Software business declined 3%, the analyst tells investors in a research note. The firm adds that it is “unimpressed with the commentary” by F5, but also believes that at enterprise value of 11-times expected 2024 EBIDA, the stock is “inexpensive”.
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