F5 Networks upgraded to Overweight from Neutral at Piper Jaffray

Piper Jaffray analyst James Fish upgraded F5 Networks to Overweight from Neutral and raised his price target for the shares to $166 from $161. The company’s software transition is having a positive impact on cash flow, visibility, and multiple expansion, Fish tells investors in a research note. Further, he believes F5’s coming new products should act as a catalyst and accelerator of the transition. In addition, the analyst views F5 as a “solid takeout candidate for an infrastructure consolidator.” Fish believes concerns over the enterprise spending cycle, competition, China, and the company’s service provider exposure are already embedded in the shares.