UPDATE: Stifel Starts Fortinet (FTNT) at Buy
- S&P, Nasdaq extend losing streaks amid rising recession worries
- HashiCorp, Inc (HCP) jumps after topping consensus estimates
- Carvana (CVNA) plunges as analyst downgrades on bankruptcy risk
- GameStop reports larger Q3 loss as revenue falls short
- Cathie Wood says the bond market is signaling the Fed is making a 'serious mistake'
Stifel analyst Adam C. Borg initiates coverage on Fortinet (NASDAQ: FTNT) with a Buy rating and a price target of $355.00.
The analyst comments "We are initiating coverage of Fortinet with a Buy rating and 12-month target price of $355. While Fortinet’s success is centered on its leading appliance-based firewalls, the company has organically built a broad cybersecurity platform spanning network, security operations, cloud, and user/device security. A key differentiator is Fortinet’s proprietary ASIC chips, which offer strong performance, price-points that are 30%-40% cheaper than competitors, and enable Fortinet to introduce adjacent capabilities such as SDWAN natively into its firewall appliances. Given this backdrop, along with a constructive cybersecurity spending environment and Fortinet's balance across customer sizes, products, geographies, and industries, we expect strong execution to continue in coming years. Net/net, we believe Fortinet has a number of drivers to sustain at least mid-to-high-teens top-line growth along with the Rule of 40 in coming years and despite the run in shares (+100% YTD, vs. the S&P +16%), we believe valuation remains attractive and are buyers."
Shares of Fortinet closed at $297.07 yesterday.
You May Also Be Interested In
- Fortinet Secure SD-WAN Delivers 300% ROI Over Three Years and Payback in Eight Months, New Independent Study Finds
- HeidelbergCement AG (HEI:GR) (HDELY) PT Raised to EUR49 at JPMorgan
- Rockwool (ROCKB:DC) (RKWBF) PT Raised to DKK1,370 at JPMorgan
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesStifel, Standard & Poor's
Sign 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!