Nomura Securities Starts Fortinet (FTNT) at Neutral; Leader in Attractive UTM Market, But Valuation Already at Premium

Nomura Securities initiates coverage on Fortinet (NASDAQ: FTNT) with a Neutral. PT $30.00.

Analyst, Rick Sherlund, said, "While Fortinet is the leading vendor in the fast-growing unified threat management (UTM) segment of security software, we believe that the current valuation appropriately reflects the enhanced growth prospects. In addition, we believe that there could be incremental risk from existing firewall competitors intensifying competition in the UTM space."

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 $27.66 yesterday.

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