F5 Networks price target raised to $269 from $262 at Piper Sandler

Piper Sandler raised the firm’s price target on F5 Networks (FFIV) to $269 from $262 and keeps a Neutral rating on the shares. The firm notes F5 reported a fairly mixed quarter, with multiple positives offset by multiple concerns. Positively, F5’s Systems business is seeing tailwinds around datacenter refresh, favorable competition, enterprise AI builds, vendor consolidation, and that macro-concerns aren’t having an impact on demand or costs. However, second half of the year top-line was slightly reduced given macro-volatility, term-software handily missed that now suggests an aggressive second half of the year software guide, and Q3 margins/EPS missed.