UPDATE: JMP Upgrades Fortinet on Increased Security Breaches
Tuesday's JMP securities morning note highlighted an upgrade from analyst Erik Suppinger, boosting Fortinet (NASDAQ: FTNT) from Market Perform to Market Outperform, initiating a price target of $26.
The report notes, "We believe the managed security service provider market is healthy and that the company is well positioned to accelerate share gains against competitors, such as Juniper. We also believe that the rash of security breaches in recent months is accelerating demand for enterprise security, particularly in the distributed enterprise, where Fortinet is particularly well positioned."
FTNT is currently at $21.84, trading up from its previous close of $21.55.
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