FBN Securities boosts its price target on Fortinet (Nasdaq: FTNT) from $45 up to $60 while maintaining an Outperform rating on the stock following Q2 results and outlook.

Analyst Shebly Seyrafi note that FTNT had a 'blowout' quarter, commenting, The company reported very strong results for FQ2, with revenue (up 30 percent Y/Y) and billings (up 40 percent Y/Y) both nicely above expectations (and these results are without Meru, which closed on July 8). More importantly, the company is significantly increasing its F2015 billings and revenue outlook. Billings in 2015 are now expected to grow at 34 percent Y/Y at the midpoint (up from 20 percent Y/Y before) and revenue is now expected to grow at 30 percent Y/Y at the midpoint (up from 22 percent Y/Y before.)

Some of this is due to the inclusion of Meru, but much is due to strong execution (especially in the enterprise) and due to a very attractive security market currently. FTNT produced ample evidence that it is penetrating the enterprise. US enterprise revenue grew by a very strong 90 percent Y/Y,

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