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More on Barclays' downgrade of F5 (FFIV -3.8%): Analyst Jeff Kvaal thinks the application...

More on Barclays' downgrade of F5 (FFIV -3.8%): Analyst Jeff Kvaal thinks the application delivery controller (ADC) market, which F5 leads, is "settling into a 12%-15% growth range," which isn't high enough to support F5's P/E of 20. In addition, Kvaal's industry checks and a CIO survey indicate soft demand for networking gear, though he does think F5 can boost 2013 EPS by taking share from Cisco (previous). Adtran (ADTN -2.9%), which just issued an ugly Q4 warning, has also been downgraded.
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