Jefferies Upgrades Fortinet (FTNT) to Buy, Sees 5:1 Risk to the Upside
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Price: $64.80 +1.74%
Rating Summary:
25 Buy, 30 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
Rating Summary:
25 Buy, 30 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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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.
"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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