Fortinet (FTNT) Price Target Lifted to $43 at Nomura on Strong Billings

Nomura Securities analyst Frederick Grieb reiterated a Buy rating and boosted his price target on Fortinet (NASDAQ: FTNT) to $43.00 (from $38.00) following better-than-expected Q1 results and billings.

Grieb commented, "Fortinet reported F1Q’15 billings of $254mn, representing 36% yoy growth, above the Street estimate of 22% yoy growth. Additionally, the company reported revenues of $213mn, representing 26% yoy growth, above the consensus estimate of 21% yoy growth. Overall, Fortinet exceeded topline expectations with this report, and raised FY’15 revenue and billings guidance. We retain our Buy rating with an increased target price of $43."

Further, the analyst on the F1Q’15 call, Fortinet guided to FY’15 billings of $1,105mn-$1,120mn and FY’15 revenues of $935mn-$940mn (ahead of consensus at the mid point).

For an analyst ratings summary and ratings history on Fortinet click here. For more ratings news on Fortinet click here.

Shares of Fortinet closed at $34.63 yesterday.

You May Also Be Interested In

• Natera (NTRA) PT Raised to $270 at BTIG
• United Airlines (UAL) PT Raised to $153 at UBS Ahead of Q2 Results
• Cytokinetics (CYTK) PT Raised to $118 at Mizuho