UBS Maintains a 'Buy' on Fortinet (FTNT); Beat and Raise; Expect Continued Momentum
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Price: $18.02 +0.11%
Rating Summary:
12 Buy, 14 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
12 Buy, 14 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade FTNT Now!
UBS maintains a 'Buy' on Fortinet (NASDAQ: FTNT) price target of $30.00 (from $28.00).
Analyst, Brent Thill, said, "Q2 $129M/$0.12 (UBS/St $126M/$0.12) was headlined by key metric billings beat +32% (vs. +26% est) which was the fastest billings growth in 6 qtrs. FTNT is cutting through the macro malaise thanks to steady network security demand and its UTM stronghold offering customers a strong value proposition...2H product cycle (FortiOS 5.0 and next-gen ASICs) should help maintain billings growth which is the key driver for the stock, though leverage may be muted by investment ramp."
Raising FY12 EPS estimate from $0.51 to $0.52, revenues from $520M to $526.6M. FY13 EPS from $0.60 to $0.61, revenues from $602M to $616M.
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 $22.39 yesterday, with a 52 week range of $15.78-$28.82.
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Analyst, Brent Thill, said, "Q2 $129M/$0.12 (UBS/St $126M/$0.12) was headlined by key metric billings beat +32% (vs. +26% est) which was the fastest billings growth in 6 qtrs. FTNT is cutting through the macro malaise thanks to steady network security demand and its UTM stronghold offering customers a strong value proposition...2H product cycle (FortiOS 5.0 and next-gen ASICs) should help maintain billings growth which is the key driver for the stock, though leverage may be muted by investment ramp."
Raising FY12 EPS estimate from $0.51 to $0.52, revenues from $520M to $526.6M. FY13 EPS from $0.60 to $0.61, revenues from $602M to $616M.
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 $22.39 yesterday, with a 52 week range of $15.78-$28.82.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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