UPDATE: UBS Upgrades Fortinet (FTNT) to Buy; Recent Decline Presents Buying Opportunity

June 13, 2012 7:21 AM EDT
Get Alerts FTNT Hot Sheet
Price: $31.70 -1.83%

Rating Summary:
    28 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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(Updated - June 13, 2012 11:09 AM EDT)

UBS upgraded Fortinet (NASDAQ: FTNT) from Neutral to Buy. PT $28.

Analyst, Brent Thill, said, "With the stock -29% in 2 months (vs. NASDAQ -9%) on multiple compression (macro concerns) current level looks like a particularly attractive opportunity. Exposure to Europe lingers as a risk factor (35% of revs) however; 1) stock sell-off better embeds risks now trading at a 15% discount to FIRE/CHKP CY13 EV/sales, 2) the company is well balanced by geo and customer segment, 3) security stocks tend to outperform in slowing economic environments as security is less prone to IT cuts. We see upside to Street FY12 estimates and still view FTNT as a potentially attractive takeout target."

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 $20.88 yesterday.

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