2 March 2014 Wireless Equipment Signals to Noise (S2N) Blackberry: Blackberry likely won for most press releases during Mobile World Congress. In the bevy of statements, we found their clarification of MDM pricing with EZPass to be the most resonant of all of them. The new pricing scheme breaks down their MOM solution into two, clear levels, which make it simple for any customer to understand. Overall, we think management continues to make smart decisions about the way forward. It is difficult not to think about what could have been had these decisions been implemented years ago. However, in spite of management's attempts at a turnaround, our belief is it could be too late, at least to justify the current market cap size of the company. infrastructure Cisco: Our conversations with Cisco's mobile networking sales and business leaders at MWC - and with our industry contacts - suggest that Cisco's service provider business overall is still in "transition" mode. While Cisco pre-announced the CRS-X core router in 2013, the company is yet to ship the CRS-X to the telcos or ISPs in their production networks. Further, while Cisco's higher-end edge router ASR 9k (suited for metro core versus for lower-end metro access edge use cases) is seeing double-digit order bookings trends, we continue to note an air-gap in Cisco's low and mid-range access edge router portfolio - with the company's legacy 7600 routers etc seeing growing competition from Juniper's MX and Alcatel Lucent's 7k series at the US telcos - e.g. at AT&T, etc, and from Huawei at the Tier-1 telcos in Europe, China, and in Latin America. F5 Networks: We are raising our Price Target on F5, from $120 to $130; reflecting our improved conviction on F5's next-phase growth opportunities in Telco and in Next-Gen Security - following our MWC and RSA conference meetings. Our key insight on F5 is our higher conviction on the company's next-phase growth opportunities in Telco Network Intelligence an