Wells Fargo Resumes Fortinet (FTNT) at Outperform, Long-Term Growth Story Intact

Wells Fargo resumes coverage on Fortinet (NASDAQ: FTNT) with a Outperform with a $24-$25 valuation range.

The firm comments, "While we understand concerns on the company's following Q3 earnings--which showed a deceleration in billings--we believe the long-term growth story remains intact and that the recent pullback has created an attractive entry point. As a pure play on the UTM (Universal Threat Management) market with its differentiated custom ASIC architecture--we believe FTNT can grow revenue at a rate approaching 20%. This, combined with margin expansion, should drive operating income growth at just over 20%."

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 $18.05 yesterday.

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