Fly News Breaks for February 3, 2020
Feb 3, 2020 | 06:57 EDT
BMO Capital analyst Keith Bachman raised his price target on Fortinet to $132 ahead of its Q4 earnings, anticipating modestly improved top and bottom line growth in the quarter. The analyst believes that the company offers a strong combined SD-WAN, firewall, and fabric product suite that should generate longer term growth, modeling 14.5% revenue and 13.5% billings growth in FY21. Bachman still keeps his Market Perform rating on the shares due to valuation relative to their historical averages.
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