RBC Capital raised its FFIV target citing durable revenue growth and early AI monetization opportunities through FY29.
RBC Capital increased its price target on F5 (NASDAQ:FFIV) to $450 from $425 and maintained an Outperform rating. The firm cited a potential upward bias in USD revenue growth through FY29, driven by a “refresh plus” cycle and durable post-refresh expansion.
F5 is early in monetizing AI, with additional security and data sovereignty use cases expected over time. Last month, Piper Sandler raised its target to $423, noting secular AI-driven growth beyond cyclical refresh opportunities. F5 guided FY29 revenue to $4.2B and EPS to $22.
F5 also announced new web application and API protection capabilities, emphasizing dynamic risk scoring for AI inference environments. The company extended security measures to air-gapped and on-prem setups as APIs become central to AI.