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Fly News Breaks for January 22, 2019
FTNT
Jan 22, 2019 | 07:22 EDT
As reported earlier, BMO Capital analyst Keith Bachman downgraded Fortinet to Market Perform and lowered his price target to $78 from $90. The analyst notes that he is not bearish on the stock, expecting the firewall market to remain healthy for several years given the changing throughput requirements, but sees the rating change as reflective of its more balanced risk-reward. Based on Fortinet's enterprise value to free cash flow multiple, Bachman contends that its valuation "reflects its revenue growth and FCF generating capabilities."
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