Fortinet (FTNT): Dont Throw In The Towel - Wells Fargo
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Wells Fargo analyst, Gray Powell, reiterated his Outperform rating on shares of Fortinet (NASDAQ: FTNT) but cut his valuation range to $36 - $38 from $43 - $44 after preannouncing earnings below consensus. FTNT missed street billings estimates by 8%, revenue by 3%, and EPS by 14%.
FTNT did not provide an update for its Q4 outlook but the analyst thinks prior 2016 operating margin targets now appear too aggressive and is cutting estimates for 2016 and 2017. 2016 / 2017 EPS go to $0.59 / $0.79 vs $0.70 / $0.86.
The analyst is not throwing in the towel though and stated "While we were disappointed in the announcement, we continue to think that FTNT's growth outlook relative to its valuation is compelling".
Shares of Fortinet closed at $34.09 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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