F5 price target lowered to $277 from $355 at Piper Sandler

Piper Sandler lowered the firm’s price target on F5 (FFIV) to $277 from $355 and keeps a Neutral rating on the shares. The firm notes that F5 was in a “no-win” scenario heading into this print following the recently announced security breach, as guiding too aggressively would likely have been seen as not taking the breach enough into account vs. guiding too conservatively. Q4 results were relatively solid that reflected the strength being seen in ADC systems, but the FY26 guide came in a few points below both topline and OPM expectations that resulted in EPS initial guide missing by 8%. Piper does like the 2026 refresh opportunity ahead if customers can be taken care of and re-gain confidence in F5.