Fortinet (FTNT) PT Lifted to $55 at Oppenheimer Amid Strong Results
Oppenheimer analyst Shaul Eyal reiterated an Outperform rating and boosted estimates and his price target on Fortinet (NASDAQ: FTNT) to $55.00 (from $50.00), saying the strong results underscore accelerating trends.
Eyal commented, "FTNT reported strong 2Q15 results across all geographies, product lines, and verticals with all metrics (revenue, EPS, billings & CFO) beating guidance handily. The ongoing strong performance was driven by: 1) high-end enterprise appliances seeing further acceleration; 2) fruition of ongoing internal investment (mainly S&M); and 3) Land & Expand strategy paying off. FTNT's improved FY15 guidance calls for 31% YoY revenue growth at the mid-point (up from 22%), supported by accelerated billing growth of 34.4% at the mid-point (up from 24%)."
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Shares of Fortinet closed at $42.30 yesterday.