Fortinet initiated with an Overweight at JPMorgan

JPMorgan analyst Brian Essex initiated coverage of Fortinet with an Overweight rating and $69 price target. The analyst views the post-earnings selloff as "too punitive," saying the core fundamental drivers for Fortinet remain intact. The firm views current valuation levels as compelling as the company works toward its medium term goal of $10B of billings, $8B of revenue, and adjusted free cash flow margins in the mid- to high-30%’s for 2025.