UPDATE: Deutsche Bank Raises Fortinet's PT

According to a research report published this morning, Deutsche Bank has increased Fortinet's FTNT PT from $30 to $32. In the report, Deutsche Bank commented, "FTNT's Q1'12 results allayed investors concerns about demand trends in the security space following mixed results from CHKP and a negative pre from SYMC. Revenues, Billings and CFO came in above expectations while EPS was in-line. The Billings outperformance was mostly due to the strong growth of LT deferred, driven by longer term deals. Demand was broad based with double digit billings growth across all geographies. Overall, a healthy quarter with accelerating growth that indicates FTNT's strong positioning in the security space." Deutsche Bank maintains its Buy rating on Fortinet, which closed yesterday at $25.74.