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Deutsche's checks suggest F5 estimates "beatable"

Oct. 02, 2013 6:05 PM ETF5, Inc. (FFIV) StockCTXS, FFIVBy: Eric Jhonsa, SA News Editor
  • Deutsche's Brian Modoff says channel checks point to "a gradual pickup" in sales of F5's (NASDAQ:FFIV) BIG-IP virtual application delivery controllers (ADCs), and that new features and software licensing model changes could be helping F5 halt share losses to Citrix's (NASDAQ:CTXS) NetScaler virtual ADC line.
  • Virtual ADCs - software that runs on 3rd-party servers - have been taking share from traditional ADC hardware. Meanwhile, Citrix has been growing its ADC share with the help of its Cisco partnership.
  • Modoff considers F5's FQ4 (Sep. quarter) consensus "beatable," and also thinks a BIG-IP refresh and strong firewall sales could yield upside to FQ1 estimates.
  • Long-term, Modoff is encouraged by F5's ability to benefit from the network functions virtualization (NFV) initiatives set to be launched by top carriers (migrates network management software to commodity servers), and growing IT interest in the company's full-proxy architecture for handling complex security needs.
  • FQ4 results arrive on Oct. 23.

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