Oppenheimer said in a note to investors last night that it learned F5 Networks (FFIV) initiated a special promotion offering customers two times the typical trade-in value for Cisco's (CSCO) ACE load-balancing modules. Opco feels the promotion could have a slight negative effect on F5's gross margins, but adds that could be offset by the sales possibly carrying lower commissions. The firm views the promotion as reinforcing its view that F5 will benefit from Cisco's ACE exit. Opco expects F5 to report an in-line September quarter with potential upside in the December quarter. The firm keeps an Outperform rating on the stock with a $130 price target.