Morgan Stanley Maintains Equal-Weight on Fortinet

Morgan Stanley is out with its report today on Fortinet

, maintaining Equal-weight. In its report, Morgan Stanley writes, "FTNT sustained 20%+ billings growth in 3Q, set a low bar for CY12 and removed potential headwinds to FCF growth into next year — namely margin headroom and cash taxes. Increased confidence in FTNT's ability to sustain 20%+ growth in CY12 will be key to us getting more constructive on the stock." At the time of posting, shares of FTNT were trading at $20.11, up 5.20% from Monday's close.