Fortinet (FTNT) Checks Appear Solid - Oppenheimer

Oppenheimer analyst Shaul Eyal reiterated an Outperform rating and $97.00 price target on Fortinet (NASDAQ: FTNT) ahead of 1Q19 results scheduled for 5/2 AMC. The analyst's checks with 21 VARs across the US (14) and Europe (7) provided 4 takeaways:

1) Momentum remains largely intact following the strong completion of FY18—we expect at least better than mid-point 1Q revenue results

2) FTNT's momentum is supported by an ongoing refresh cycle coupled with strength associated with its Security Fabric, SD-WAN ASIC solutions, 5G transition initiatives, and FortiCASB addressing cloud demands

3) E-series performance remains healthy and new F-Series is gaining market traction

4) We are raising our 1Q19 revenue estimate to $472.5M from $470M (up 18.4% y/y) and keeping our EPS estimate at $0.38

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 $95.70 yesterday.

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