Oppenheimer analyst Shaul Eyal reiterated an Outperform rating and $30 price target Fortinet (NASDAQ: FTNT) following strong Q3 results and raised revenue guidance.

Eyal commented, "FTNT reported strong 3Q14 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) product-specific ongoing refresh cycle. FTNT's improved FY14 guidance calls for 23% YoY revenue growth at the mid-point (up from 20%), supported by accelerated billing growth of 26% at the mid-point (up from 22%)."

The firm's FY14 revenue estimate is raised to $754.9M (up 22.7% YoY) from $739M, and EPS is tweaked to $0.47 from $0.49E. FY15 revenue estimate is raised to $875.9M (up 16% YoY) from $857.7M, with EPS tweaked to $0.61 from $0.64 (higher S&M).

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Shares of Fortinet closed at $25.17 yesterday.