Nomura Securities Cuts Price Target on Fortinet (FTNT) Following 3Q Preannouncement
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Nomura Securities maintained a Buy rating on Fortinet (NASDAQ: FTNT), and cut the price target to $47.00 (from $55.00), following the company's 3Q preannouncement. Revenue is now expected to be $311-316mn, down from prior guidance of $319-324mn. EPS is expected to be $0.15-0.16 versus the prior range of $0.17-0.18.
Analyst Frederick Grieb commented, "After the market close on October 11, Fortinet negatively preannounced results for 3Q’16. The company highlighted lengthening deal cycles as well as execution challenges in North America and macro headwinds in Latin America and the UK as reasons for the miss."
Shares of Fortinet closed at $34.09 yesterday.
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