Response to F5 Networks (Nasdaq:FFIV) Overreaction Says Gleacher

Gleacher & Co. surprisingly upgraded the shares of F5 Networks (Nasdaq:FFIV) to "Buy" today, citing an overreaction by the Street to what was considered a disappointing quarter by F5 standards, along with lowered guidance.

According to Gleacher, even with the miss F5 is still involved with a secular growth market for application delivery controllers which they continue to stand on the top of.

Gleacher also pointed out the 40 percent revenue growth, year-over-year, by F5, as well as another 20 percent they see in 2011 on widening margins. That could end up increasing EPS growth close to 30 percent, according to Gleacher.

F5 was trading at $106.37, down $32.41, or 23.35 percent, as of 11:35 AM EST.