Nomura Securities Cuts Price Target on Fortinet (FTNT) Following 3Q Preannouncement

Nomura Securities maintained a Buy rating on Fortinet (NASDAQ: FTNT), and cut the price target to $47.00 (from $55.00), following the company's 3Q preannouncement. Revenue is now expected to be $311-316mn, down from prior guidance of $319-324mn. EPS is expected to be $0.15-0.16 versus the prior range of $0.17-0.18.

Analyst Frederick Grieb commented, "After the market close on October 11, Fortinet negatively preannounced results for 3Q’16. The company highlighted lengthening deal cycles as well as execution challenges in North America and macro headwinds in Latin America and the UK as reasons for the miss."

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 $34.09 yesterday.

You May Also Be Interested In

• Take-Two Interactive (TTWO) PT Raised to $368 at BofA Securities
• ACM Research, Inc. (ACMR) PT Raised to $130 at Morgan Stanley
• Norwegian Cruise (NCLH) PT Raised to $24 at TD Cowen