Wells Fargo Upgrades Fortinet (FTNT) to Outperform
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Price: $64.03 --0%
Rating Summary:
25 Buy, 30 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 16 | New: 3
Rating Summary:
25 Buy, 30 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 16 | New: 3
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Wells Fargo upgraded Fortinet (NASDAQ: FTNT) from Market Perform to Outperform with a price target of $$27-$30 (from $23-$25).
Analyst Gray Powell said, "We see the potential for an improved refresh cycle and a better spending environment in network security to drive upside to 2014 rev and billing ests. FTNT has some relatively easy comps vs 1H’13 which should help optics in 1H’14. With operating mgn targets reset at the Q4’13 earnings call, we think the stock has been somewhat de-risked. Along these lines, street ests reflect higher S&M/lower mgns but do not show a meaningful improvement in rev growth in ‘14 from ‘13. Lastly, FTNT shares have underperformed security peers by about 45% over the last year and could be due for some reversion as growth improves."
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 $22.70 yesterday.
Analyst Gray Powell said, "We see the potential for an improved refresh cycle and a better spending environment in network security to drive upside to 2014 rev and billing ests. FTNT has some relatively easy comps vs 1H’13 which should help optics in 1H’14. With operating mgn targets reset at the Q4’13 earnings call, we think the stock has been somewhat de-risked. Along these lines, street ests reflect higher S&M/lower mgns but do not show a meaningful improvement in rev growth in ‘14 from ‘13. Lastly, FTNT shares have underperformed security peers by about 45% over the last year and could be due for some reversion as growth improves."
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 $22.70 yesterday.
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