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F5's (FFIV +1.3%) expansion into new security and telecom markets will quadruple its addressable...

F5's (FFIV +1.3%) expansion into new security and telecom markets will quadruple its addressable market from 2012-2016, argues McAdams Wright in upgrading shares to Buy (ed: F5's share in many of the newer markets will inevitably be lower). The firm also thinks Cisco's exit from F5's core ADC market is a $200M/year opportunity, and believes F5 will produce ~$6.30/share in free cash in FY13 (above EPS of $4.93). Software-defined networking, and particularly the adoption of software-based ADCs running on commodity hardware, is named as a risk, but McAdams sees little near-term impact. (Deutsche on F5)
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