Market Overview

UPDATE: Wunderlich Securities Downgrades Fortinet to Hold on Channel Sentiment, Outlook

Related FTNT
Fortinet Inc. Shares Rise From Session Lows Amid AsianSweeper Report
Macquarie Bullish On Cybersecurity Firms

Wunderlich Securities downgraded Fortinet (NASDAQ: FTNT) from Buy to Hold and lowered the price target from $28.00 to $22.00.

Wunderlich Securities noted, "We are downgrading shares of Fortinet (FTNT) from Buy to Hold in light of (1) difficult forward consensus estimates, (2) a change in channel tone from positive to mixed, and (3) our belief that the company will need to expend more in sales and marketing (S&M) in order to thwart competitive threats from louder UTM competitors. Though we continue to like the company and view its products as best-in-class across a number of metrics, we believe these factors necessitate a below-average EV/Sales multiple which, when applied, results in our new price target of $22 and according Hold rating."

Fortinet closed at $21.05 on Monday.

Latest Ratings for FTNT

DateFirmActionFromTo
Nov 2014CitigroupMaintainsNeutral
Nov 2014MacquarieInitiates Coverage onNeutral
Oct 2014FBR CapitalMaintainsOutperform

View More Analyst Ratings for FTNT
View the Latest Analyst Ratings

Posted-In: Wunderlich SecuritiesAnalyst Color Downgrades Analyst Ratings

 

Related Articles (FTNT)

Around the Web, We're Loving...

Get Benzinga's Newsletters