UBS Maintains a 'Neutral' on Fortinet (FTNT); Raising Estimates, But Shares Look Fairly Valued
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Price: $160.01 -3.28%
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 34 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Neutral' on Fortinet (NASDAQ: FTNT) price target raised $1 to $28.
Analyst, Brent Thill, said, "FQ1 $117.2M/$0.11 (UBS/St $117.8M/$114.9M and $0.11) showed no seasonal blues and was headlined by big billings beat +28.4% y/y (UBSe +18.7%). FTNT benefited from a healthy demand environment, continued traction with enterprise customers and the normalization of its European sales performance. These trends should continue and under a blue sky scenario we see addt’l $10-15M upside to FY13 product revs however operating leverage may be muted by investments."
UBS raises FY12 from $0.51 to $0.52 and FY13 from $0.58 to $0.61.
Raising FY12 to $525M/$0.52 from $520M/$0.51 on OM -10bps y/y at 24.3% (guide ~24%). Revs delta is higher product +25.6% (vs. +23% prior) with services revenue unchanged +23% y/y. Raising FQ2 revs to $126.4M/$0.12 vs. prior $124.9M/$0.12 as investments are expected to constrain EPS upside in 1H."
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.
Analyst, Brent Thill, said, "FQ1 $117.2M/$0.11 (UBS/St $117.8M/$114.9M and $0.11) showed no seasonal blues and was headlined by big billings beat +28.4% y/y (UBSe +18.7%). FTNT benefited from a healthy demand environment, continued traction with enterprise customers and the normalization of its European sales performance. These trends should continue and under a blue sky scenario we see addt’l $10-15M upside to FY13 product revs however operating leverage may be muted by investments."
UBS raises FY12 from $0.51 to $0.52 and FY13 from $0.58 to $0.61.
Raising FY12 to $525M/$0.52 from $520M/$0.51 on OM -10bps y/y at 24.3% (guide ~24%). Revs delta is higher product +25.6% (vs. +23% prior) with services revenue unchanged +23% y/y. Raising FQ2 revs to $126.4M/$0.12 vs. prior $124.9M/$0.12 as investments are expected to constrain EPS upside in 1H."
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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