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Fly News Breaks for March 21, 2018
PANW, CHKP, FTNT
Mar 21, 2018 | 05:25 EDT
UBS analyst Fatima Boolani raised her price target for Fortinet (FTNT) to $62 saying the company's medium-term targets of 15%-plus billings growth and 15%-20% revenue growth are "more attainable than currently factored in consensus." The analyst sees a path to over $60 per share from installed base revenue leverage and more cash flow credit. Fortinet's base of 340,000 customers offers "low risk" sales growth, Boolani tells investors in a research note. She also sees another $200M of market capture opportunity in the small/mid-sized market tier. The analyst believes "steady execution" should "chip away" at the Fortinet's $7B market cap delta relative to Check Point (CHKP) and Palo Alto Networks (PANW). Boolani keeps a Buy rating on Fortinet.