UPDATE: Wells Fargo Starts Fortinet (FTNT) at Overweight, Called Top Pick

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(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+."

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 $298.00 yesterday.

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