Guggenheim analyst Raymond McDonough initiated coverage of Fortinet with a Neutral rating and no price target as the firm expands its coverage of the Cybersecurity sector. Cybersecurity, in aggregate, has traded at a discount to broader Software since October 2022, but the firm does not think now is the time to start getting more constructive given the view that 2023 estimates appear at risk as "security has proven not to be immune to macroeconomic pressures." Fortinet has "built a technology moat around its business," but there are near-term risks to consensus estimate, the analyst tells investors.
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Published first on TheFly
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