Fortinet (FTNT): Cutting PT After Preannouncement - Baird

October 12, 2016 10:00 AM EDT
Get Alerts FTNT Hot Sheet
Price: $31.85 +0.47%

Rating Summary:
    28 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Baird analyst, Jayson Noland, reiterated his Neutral rating on shares of Fortinet (NASDAQ: FTNT) but cut his price target to $34 from $38 after the company negatively pre-announced last evening citing sales execution issues in North America and Brexit-related concern in the UK.

The CEO, Xie, said the market for network security products remains healthy but the analyst stated "We have been looking for an opportunity to get constructive on FTNT shares again but uncertainty regarding the company’s ability to execute it’s go-to-market has kept us on the sidelines".

It seems to be a company rather than industry issue however, with the analyst reiterating his positive stance on shares of PANW due to positive channel feedback.

For an analyst ratings summary and ratings history on Fortinet click here. For more ratings news on Fortinet click here.

Shares of Fortinet closed at $34.09 yesterday.

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Robert W Baird, Jayson Noland

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