UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Fortinet

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Fortinet FTNT, but lowered its price target from $29.00 to $26.00. Jefferies noted, “FTNT delivered an inline but somewhat disappointing report as the company saw exacerbated seasonality and a shortfall in China. Management spoke to no widespread growth concerns but to a handful of transactions that moved out of 3Q and is optimistic for what could be a product cycle-led reacceleration in growth into CY13. We have been neutral based on valuation and could become be more constructive as multiples reset.” Fortinet closed on Tuesday at $24.08.