UPDATE: Goldman Sachs Upgrades Fortinet (FTNT) to Buy

(updating comment)

Goldman Sachs analyst Brian Essex upgraded Fortinet (NASDAQ: FTNT) from Neutral to Buy with a price target of $150.00 (from $143.00).

The analyst comments "Last quarter, a premium multiple and industry trends implying challenges in large enterprise markets led us to step to the sidelines on FTNT (see note). However, based on our conversations with industry participants and industry trends this quarter, we believe large enterprise headwinds may be abating sooner than anticipated, while SD-WAN traction still seems to be accelerating and NP7 product cycles remain in early stages. Additionally, our August CIO Survey reflected expectations of improving firewall demand through the second half of 2020. We took a ‘wait and see’ approach to the data point at the time, but our most recent VAR survey and channel conversations indicate signs of through. Considering valuation at a discount to peers, improving execution, product cycle strength, and a firewall tailwind, we see FTNT well positioned to outperform from current levels."

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 $128.82 yesterday.

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