Stephens analyst Jonathan Ruykhaver said Fortinet's "muted" Q4 revenue and earnings guidance once again raised leverage concerns regarding returns on incremental investments, but he believes the company was once again being conservative with its outlook. The analyst also noted new concerns that surfaced from its results around a large enterprise slowdown, but said the timing of these deployments can be volatile. Ruykhaver, who thinks Fortinet's positioning and improved execution can help it maintain high growth rates in FY16, keeps an Overweight rating and $52 price target on the shares.