Fortinet (FTNT) Mid-Q Checks Indicate Positive Quarter - Oppenheimer
Get Alerts FTNT Hot Sheet
Rating Summary:
25 Buy, 30 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Oppenheimer analyst, Shaul Eyal, reiterated his Outperform rating and $50 PT on Fortinet (NASDAQ: FTNT) following a round of mid-Q checks with 24 VARs. No change to $50 PT.
Key Points:
1) FTNT is on track to at least meet 2Q guidance. We note that linearity trends continue to normalize (~25/30/45%) vs. 1H15 panic buying mode; therefore, our positive view will be revisited
2) Geographical performance is replicable to recent quarters, indicating a slight upside in Europe (~36% of revs) and stable growth in the US
3) Initial reception of new FortiGate 2000 & 6000 NGFW products is positive, on top of ongoing strength in high-end appliances (FortiGate 3000 & 5000).
They view FTNT's recent tuck-in acquisition of AccelOps as a logical platform expansion complementary to FTNT's new Security Fabric architecture.
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 $34.78 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fortinet Named a Challenger in the 2024 Gartner® Magic Quadrant™ for Security Service Edge
- Alpine Income Property Trust (PINE) PT Lowered to $18 at Jones Trading
- Piper Sandler Downgrades Magnolia Oil & Gas Corp. (MGY) to Neutral
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!