Barclays: F5 in "middle innings" of 2013 rally; Radware also up


While upgrading F5 (FFIV +3.8%) to Overweight, Barclays' Ben Reitzes declares the application delivery controller (ADC) vendor to be in the "middle innings" of a rally set to last through year's end.

Reitzes, who is raising his PT to $107 from $89, argues channel checks and positive earnings reports from peers bode well for F5. Cisco reports in 2 days.

F5 took off 3 weeks ago in response to an FQ3 beat and strong FQ4 guidance. But shares still -4% YTD after tumbling in April thanks to an FQ2 warning.

Smaller ADC rival Radware (RDWR +3.1%) is once more rallying in sympathy.

Piper upgraded F5 prior to its FQ3 report.

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