UPDATE: Jefferies Upgrades Fortinet on Favorable Risk-Reward
In a report published Wednesday, Jefferies analyst Aaron Schwartz upgraded the rating on Fortinet (NASDAQ: FTNT) from Hold to Buy, and raised the price target from $20.00 to $23.00.
In the report, Jefferies noted, “We believe shares of Fortinet have a 5:1 risk-reward to the upside and as such, we are upgrading the stock to a Buy. We believe 1) security spend will show a modest uptick in 2Q, with more pronounced share gains for Fortinet; 2) additional operational oversight should lead to improving sales consistency and a more balanced growth-reinvestment mix; and 3) the now discount valuation is no longer an investment constraint.”
Fortinet closed on Tuesday at $18.69.
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