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Fly News Breaks for January 4, 2019
FTNT
Jan 4, 2019 | 06:15 EDT
Goldman Sachs analyst Gabriela Borges double downgraded Fortinet to Sell from Buy and cut her price target for the shares to $59 from $95. The drivers of Fortinet's share gain and margin expansion are now better understood, with consensus 2019 estimates having been revised up over the past 12 months, Borges tells investors in a research note. Further, the analyst believes we are close to the peak of the firewall refresh cycle. An elevated multiple, coupled with the likelihood of decelerating product revenue over the next two years, suggests that at best, upside is priced in, and at worst, any volatility in estimates may also drive multiple compression, says Borges.
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