Jefferies Upgrades Fortinet (FTNT) to Buy, Sees 5:1 Risk to the Upside

July 10, 2013 6:56 AM EDT
Get Alerts FTNT Hot Sheet
Price: $32.23 +0.12%

Rating Summary:
    28 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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Jefferies upgraded Fortinet (NASDAQ: FTNT) from Hold to Buy with a price target of $23.00 (from $20.00).

"We believe shares of Fortinet have a 5:1 risk-reward to the upside and as such, we are upgrading the stock to a Buy," analyst Aaron Schwartz said in the upgrade report. "We believe 1) security spend will show a modest uptick in 2Q, with more pronounced share gains for Fortinet; 2) additional operational oversight should lead to improving sales consistency and a more balanced growth-reinvestment mix; and 3) the now discount valuation is no longer an investment constraint."

The firm raised 2014 EPS estimates from $0.60 to $0.63.

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 $18.69 yesterday.

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