Needham & Company Maintains a 'Buy' on Fortinet (FTNT); Lowering PT & Estimates

Needham & Company maintains a 'Buy' on Fortinet (NASDAQ: FTNT), lowers PT from $28 to $26.

Needham analyst says, "While we believe FTNT may be experiencing a short-lived execution problem, the company did lower the “key metric” of y/y growth to billings, which had been running along at 30%+ for at least 5 quarters in a row, and has now dropped to 22% y/y in JuneQ; guidance suggests low/mid 20s. We continue to believe the FTNT franchise is very strong in the field, particularly high end/carrier. That said, we are lowering estimates on guidance and trimming our target."

For more ratings news on Fortinet click here and for the rating history of Fortinet click here.

Shares of Fortinet closed at $26.78 yesterday.

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