UPDATE: Morgan Stanley Raises Fortinet's PT
According to a research report published this morning, Morgan Stanley has increased Fortinet's (NASDAQ: FTNT) PT from $28 to $30.
In the report, Morgan Stanley commented, "Total billings growth accelerated to 28% YoY in Q1. Product billings growth of 34% YoY in Q1 and easier comps ahead position FTNT to accelerate further. As the sustainability of 20%+ growth and potential for additional margin expansion proves out, FTNT shares should continue to appreciate."
Morgan Stanley maintains its Overweight rating on Fortinet, which closed yesterday at $25.74.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.