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F5 shares rise following upgrade

F5 Networks shares up following Stifel analyst upgrade on high expectations

F5 Networks is closing more million-dollar deals and revenue is likely to exceed projections when the company reports earnings next week, according to Stifel Nicolaus, which upgraded the company Monday.

Shares jumped about 5 percent in midday trading.

Analyst Sanjiv Wadhwani changed his rating to "Buy" from "Hold," saying the networking company's pricing has resonated with customers. He raised his earnings estimates and gave its stock a $120 price target.

"Overall, we believe that F5's relevance has increased dramatically versus a year ago," Wadhwani wrote.

F5, based in Seattle, is scheduled to report its second fiscal quarter results on April 23.

The company would not comment on the analyst report Monday.

Shares of F5 Networks Inc. rose $5.46 to $108.51. Its stock price is up roughly 37 percent over the past 52 weeks as of Friday's close.