UPDATE: J.P. Morgan Raises Fortinet's PT

According to a research report published earlier today, J.P. Morgan has increased Fortinet's FTNT PT from $26 to $30. In the report, J.P. Morgan commented, "Fortinet delivered 28% billings growth at a critical time, as a perceived fastgrowing competitor (Palo Alto Networks) is in registration to go public. Maintaining that mid-to-high 20% growth rate shows that Fortinet is still a market share taker, especially in light of Check Point's single-digit bookings result for the March quarter. The only item that will likely keep the stock from going higher is that margins were a bit light of our expectation, as the company's investment has finally caught up and the incremental operating leverage is not as strong as we have seen in previous quarter upside surprises." J.P. Morgan maintains its Neutral rating on Fortinet, which closed yesterday at $27.55.