Needham & Company Upgrades Fortinet (FTNT) to Buy
Get Alerts FTNT Hot Sheet
Rating Summary:
25 Buy, 30 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 8
Join SI Premium – FREE
In a reported dated May 22, Needham & Company upgraded Fortinet (NASDAQ: FTNT) from Hold to Buy with a price target of $48.00 following field discussions.
Analyst Scott Zeller commented, ": We are upgrading shares of FTNT to BUY following recent discussions with field contacts. We missed an opportunity to upgrade FTNT last year when the company made a decision to invest in S&M to stimulate top-line growth for Enterprise; in short, we believed Service Provider was the only growth driver at FTNT, and we were wrong. Simply put, we misjudged the changing buying behavior at Large Enterprises, which is increasingly open to UTM appliances for “performance” environments; secondly, we underestimated FTNT’s ability to execute in building enterprise sales (and vertical sales) teams effectively. Our field discussions suggest FTNT is still accelerating and we believe consensus estimates are conservative. Raising estimates, establishing price target of $48, upgrade to BUY. Our $48 target is 6.5x EV/ CY16 revenue."
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 $39.29 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BofA Securities Upgrades Tesla (TSLA) to Buy on wind up of positive catalysts
- General Motors (GM) PT Raised to $55 at Wedbush
- Enphase Energy (ENPH) PT Raised to $145 at TD Cowen
Create E-mail Alert Related Categories
Analyst Comments, Hot Upgrades, UpgradesRelated Entities
Needham & CompanySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!