Network Security Company Fortinet (FTNT) Price Target Raised to $29

Analysts at Jefferies Equity Research raised their price target on Fortinet (NASAQ: FTNT) from $23 to $29. Fortinet (FTNT) is a network security solutions provider specializing in the Unified Threat Management (UTM) segment of the market.

Jefferies sees positive signs in the network security business, stating that Fortinet’s “continued billings acceleration and guidance raise should help to reaffirm the health of the broader enterprise security market and allow shares of FTNT to recoup their recent retreat.”

The $29 price target is based on 45x 2013 earning estimates of $.64 per share.

Jefferies Has a Hold rating on Fortinet (NASDAQ: FTNT).

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 $25.74 yesterday.

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