UPDATE: Stifel Nicolaus Raises Target to $32 on Fortinet

Stifel Nicolaus reiterates its Buy rating on Fortinet

and raises its price target by $3 to $32 a share as strong 4Q results show the growth story of the company is intact. Stifel Nicolaus says, "We believe Fortinet's strong 4Q results point to a solid growth outlook and should serve to alleviate any lingering concerns on the growth front. The quarter was marked by solid billings growth and another quarter of improvement in the company's EMEA business. We believe the quarter demonstrates continued healthy demand for network security solutions, solid execution by Fortinet, and continued market share gains."