Fortinet Stock (FTNT): $425 Price Target From Cowen

By Amit Chowdhry ● Jan 23, 2022
  • The shares of Fortinet Inc (NASDAQ: FTNT) have received a $425 price target from Cowen. These are the details.

The shares of Fortinet Inc (NASDAQ: FTNT) have received a $425 price target from Cowen. And Cowen analyst Shaul Eyal reiterated an “Outperform” rating on the shares.

Eyal adjusted the rating following quarterly channel checks that show business remains strong. And Eyal pointed out that market jitters that are driven by anxiety over potentially rising interest rates and overall indices’ direction do not seem to have a current impact on FTNT’s business. 

The checks with 16 VARs representing 50% of revenue suggest that Fortinet should exceed the current Street’s revenue estimates ($958 million, up 28% y/y) and billings ($1.19 billion, up 24% y/y). Similar to the third quarter of 2021, VARs’ tone echoed a broad-based demand across Fortinet’s main geographies (EMEA-37% of revenue, Americas- ~40% of revenue).

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