UPDATE - Nomura Upgrades Fortinet (FTNT) to Buy; Strong Reseller Checks

UPDATE - Nomura upgrades Fortinet (Nasdaq: FTNT) from Neutral to Buy. PT raised from $30 to $32.

Analyst, Rich Sherlund, said, "Our reseller checks show upside to current expectations. Fortinet continues to win channel share through its sales initiatives and focus with channel partners."

"Secular tailwind – Fortinet is the leader in the Unified Threat Management (UTM) market, the fastest growing segment of the network security market, with an attractively priced and packaged suite of security products delivered with the company’s high performance appliance."

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