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Fly News Breaks for February 7, 2020
FTNT
Feb 7, 2020 | 06:46 EDT
Credit Suisse analyst Brad Zelnick raised his price target for Fortinet to $115 from $95, saying Q4 results were "solid across the board" with beats on revenue, billings and free cash flow. While it is hard to ignore how well the company has executed, Zelnick tells investors in a research note that he sees much of the emerging opportunity in SD-WAN priced in at this point and remain cognizant of the longer term risks to a hardware centric approach in an increasingly cloud and edge first world. He maintains a Neutral rating.
News For FTNT From the Last 2 Days
FTNT
Oct 20, 2020 | 09:55 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Dave & Buster's (PLAY) upgraded to Outperform from Market Perform at BMO Capital with analyst Andrew Strelzik saying the private senior notes offering bolsters the company's liquidity and extends its covenant relief, removing the primary concern and a key overhang. 2. Fortinet (FTNT) upgraded to Buy from Neutral at Goldman Sachs with analyst Brian Essex saying based on recent conversations with industry participants as well as industry trends this quarter, the analyst believes Fortinet's large enterprise headwinds "may be abating sooner than anticipated." 3. Workday (WDAY) upgraded to Overweight from Neutral at Piper Sandler with analyst Brent Bracelin saying "several" catalysts could drive a reacceleration in the company's subscription growth next year after bottoming in the second half of this year in the mid-teens. 4. Rayonier Advanced (RYAM) upgraded to Outperform from Sector Perform at RBC Capital with analyst Paul Quinn saying that "record" lumber prices will help the business generate improved free cash flows and reduce leverage, while more investors could be drawn to the stock as its debt overhang clears up. 5. National Beverage (FIZZ) upgraded to Hold from Underperform at Jefferies with analyst Kevin Grundy saying growth in the sparkling water category has accelerated since the pandemic began given a skew toward at-home consumption and consumers' increased emphasis on health and wellness, noting that La Croix's market share trends have stabilized. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
FTNT
Oct 20, 2020 | 05:00 EDT
Goldman Sachs analyst Brian Essex upgraded Fortinet to Buy from Neutral with a price target of $150, up from $143. The stock closed Monday down $2.72 to $128.82. Based on recent conversations with industry participants as well as industry trends this quarter, the analyst believes Fortinet's large enterprise headwinds "may be abating sooner than anticipated." Further, the company's SD-WAN traction still seems to be accelerating and NP7 product cycles remain in early stages, Essex tells investors in a research note. Given its valuation discount to peers, improving execution, product cycle strength and firewall "tailwind," Fortinet is well positioned to outperform from current levels, says the analyst.