UPDATE: Wells Fargo Starts Fortinet (FTNT) at Overweight, Called Top Pick
- S&P 500, Nasdaq edge higher after upbeat earnings reports
- US 10-Year Treasury Yield Hits 1.9% as German 10-Year Bund Trades in Positive Territory for the First Time Since 2019; UK Inflation Hits 30-Year High
- Bank of America (BAC) Stock Gains After Earnings, Analysts Bullish
- U.S. dollar slips, but outlook stays positive; sterling rises after UK data
- SoFi (SOFI) Stock Soars 18% on Approval to Become a National Bank, Analyst Raises Price Target
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
(Updated - October 4, 2021 4:23 PM EDT)
Wells Fargo analyst Andrew Nowinski initiates coverage on Fortinet (NASDAQ: FTNT) with a Overweight rating and a price target of $380.00.
The analyst comments "We are initiating coverage of FTNT with an Overweight rating and $380 price target, based on 35x EV/CY23E FCF. Our rating reflects a strong demand backdrop, as we see a number of favorable market trends that should support strong growth for the foreseeable future, and we view Fortinet as well-positioned to capitalize on this sizable market opportunity. We believe Fortinet’s custom ASIC provides a number of sustainable competitive advantages that will continue to drive strong product growth, and may help Fortinet continue to gain traction in the mid/large enterprise space moving forward, potentially adding further upside to our estimates. Based on our expectations for growth, we also expect Fortinet to continue generating strong profitability and free cash flow that should enable the company to consistently achieve the Rule of 40+."
Shares of Fortinet closed at $298.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Wells Fargo Upgrades Tandem Diabetes Care (TNDM) to Overweight Seeing Multiple Sources of Upside
- Noble Capital Starts Lee Enterprises (LEE) at Outperform
- swedbank ab (SWEDA:SS) (SWDBF) PT Raised to SEK210 at Deutsche Bank
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot New Coverage, New Coverage
Related EntitiesWells Fargo
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!