Wedbush Raises Price Target on Fortinet (FTNT), Sees Core Revenue Passing Blue Coats's (BCSI) by Next Quarter
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Price: $160.01 -3.28%
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Outperform rating on shares of Fortinet (NASDAQ: FTNT) and is raising its price target from $25 to $27.
The firm advises investors to build positions in the name near current levels as it continues to make share gains over rivals such as Cisco (Nasdaq: CSCO), Blue Coat (Nasdaq: BCSI), and Juniper (Nasdaq: JNPR). It believes that the share gain is due to customers need to for faster equipment and to consolidate multiple functions on to a single platform.
The next company in the segment that is gaining market share is Checkpoint (Nasdaq: CHKP), it's security sales rose 15 percent year-over-year.
FTNT's security revenue rose 34 percent year-over-year while CSCO and BCSI experienced a 2 percent and 7 percent decline year-over-year. The firm believes that Fortinet's core revenue will succeed BCSI's by the next quarter.
Wedbush raised its FY11 and FY12 revenue estimates from $403 million and $460 million to $405 million and $465 million. It also increased its FY12 EPS estimates by $0.01 to $0.42.
For more ratings news on Fortinet click here and for the rating history of Fortinet click here.
Shares of Fortinet closed at $23.70 yesterday.
The firm advises investors to build positions in the name near current levels as it continues to make share gains over rivals such as Cisco (Nasdaq: CSCO), Blue Coat (Nasdaq: BCSI), and Juniper (Nasdaq: JNPR). It believes that the share gain is due to customers need to for faster equipment and to consolidate multiple functions on to a single platform.
The next company in the segment that is gaining market share is Checkpoint (Nasdaq: CHKP), it's security sales rose 15 percent year-over-year.
FTNT's security revenue rose 34 percent year-over-year while CSCO and BCSI experienced a 2 percent and 7 percent decline year-over-year. The firm believes that Fortinet's core revenue will succeed BCSI's by the next quarter.
Wedbush raised its FY11 and FY12 revenue estimates from $403 million and $460 million to $405 million and $465 million. It also increased its FY12 EPS estimates by $0.01 to $0.42.
For more ratings news on Fortinet click here and for the rating history of Fortinet click here.
Shares of Fortinet closed at $23.70 yesterday.
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