Fortinet (FTNT) Price Target Lifted to $43 at Nomura on Strong Billings
Nomura Securities analyst Frederick Grieb reiterated a Buy rating and boosted his price target on Fortinet (NASDAQ: FTNT) to $43.00 (from $38.00) following better-than-expected Q1 results and billings.
Grieb commented, "Fortinet reported F1Q’15 billings of $254mn, representing 36% yoy growth, above the Street estimate of 22% yoy growth. Additionally, the company reported revenues of $213mn, representing 26% yoy growth, above the consensus estimate of 21% yoy growth. Overall, Fortinet exceeded topline expectations with this report, and raised FY’15 revenue and billings guidance. We retain our Buy rating with an increased target price of $43."
Further, the analyst on the F1Q’15 call, Fortinet guided to FY’15 billings of $1,105mn-$1,120mn and FY’15 revenues of $935mn-$940mn (ahead of consensus at the mid point).
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Shares of Fortinet closed at $34.63 yesterday.