Fortinet (FTNT) PT Bumped to $50 at Piper Jaffray

Piper Jaffray analyst Andrew Nowinski reiterated an Overweight rating and bumped his price target on Fortinet (NASDAQ: FTNT) to $50.00 (from $45.00) following solid Q2 results.

Nowinski commented, "Fortinet reported very solid Q2 results, largely exceeding the Street and consensus estimates for both revenue and billings. The company continues to benefit from an extremely healthy security market, augmented by market share gains. Growth in large enterprise deals is also beginning to drive solid growth in FCF, which we believe is sustainable. As such, we reiterate our Overweight rating and raise our price target to $50 (prev $45)."

FY 2015 EPS goes from $0.51 to $0.52 and FY 2016 EPS goes from $0.65 to $0.69.

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 $42.30 yesterday.

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