Bank of America Sees Fortinet's Announcement of COO/CFO Ahmed Rubaie's Departure as a Negative

In a report published Friday, Bank of America analyst Tal Liani reiterated a Neutral rating and $24.00 price target on

. In the report, Bank of America noted, “Fortinet announced the departure of COO/CFO Mr. Ahmed Rubaie for personal reasons, after being on the job only since April 2013, following the departure of long time CFO Ken Goldman in Sept. 2012. Nancy Bush, VP and worldwide corporate controller, will serve as interim CFO until a replacement is announced. Mrs. Bush had assumed the role of interim CFO during the prior CFO transition...This announcement will no doubt come as a surprise to investors and in our view raise the level of uncertainty on the company heading into CY14, especially as Mr. Rubaie had implemented tighter operational controls and improved efficiencies. While the company continues to perform well following 1H13 missteps, we remain on the sidelines pending greater clarity on management's forward plans.” Fortinet closed on Wednesday at $19.64.