Though Lazard is staying upbeat, four firms have downgraded F5 (FFIV -17.9%) following its FQ3 warning. William Blair, which has cut shares to Market Perform, argues a saturating ADC market and competition is taking a toll, and Mizuho believes price pressure is growing. Nomura, reiterating a Neutral, thinks execution and product transition issues are to blame, but not competition. The firm notes recently-announced ADCs sport telco-specific features - F5 mentioned telco demand was especially weak. Analyst commentary was much more upbeat not too long ago.