J.P. Morgan Reiterates Neutral Rating on Fortinet on Coyote Point Systems Purchase

In a report published Friday, J.P. Morgan analyst Sterling Auty reiterated a Neutral rating on Fortinet

. In the report, Auty noted, “This morning, Fortinet announced the purchase of Coyote Point Systems. Coyote Point Systems is a privately held application delivery controller (ADC) provider. We believe this acquisition bolster's FTNT capabilities in its go to market play for data centers. Terms were undisclosed. FTNT did say that this acquisition does not impact Q12013 but we need to hear more on its 1Q13 call sometime in late April on what the impacts are for 2013.” Fortinet closed on Thursday at $23.29.