Raymond James analyst Michael Turits upgraded Fortinet to Outperform from Market Perform with a $133 price target. In a research note to investors, Turits says that among network security vendors, Fortinet checks were strongest, reporting improved enterprise execution, SD-WAN leadership among security vendors, success with its broad portfolio and continued high-end price/performance. Additionally, he tells investors that its long-term guidance looks beatable at 15% revenue/billing growth vs. 19%/20% growth year-to-date. While not low, he says the valuation is reasonable at 21x 20E adjusted free cash flow, roughly in line with year-to-date growth.