Needham & Company Reiterates a 'Buy' on Fortinet (FTNT); Raising Numbers Following Strong CY12 Outlook

Needham & Company reiterates a 'Buy' on Fortinet (NASDAQ: FTNT) price target raised from $26 to $30.

Needham analyst says, "The Fortinet DecQ results were stronger than anticipated, given the recent macro climate and questions about Service Provider exposure, and the recent weak Riverbed (Nasdaq: RVBD) guidance. Billings and deferred growth were strong, at +27% y/y in DecQ, accelerating from 2Q and 3Q11. FTNT beat on billings, revenue, and EPS, and guidance was comfortably above consensus for CY12. We believe strength in the Fortinet franchise remains well-balanced; EMEA continued to accelerate after the JuneQ weakness, with a strong SeptQ and now a strong DecQ in EMEA +22% y/y." (Needham raises FY12 EPS estimate from $0.46 to $0.52)

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 $22.81 yesterday.

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