JPMorgan analyst Brian Essex raised the firm’s price target on Fortinet to $70 from $69 and keeps an Overweight rating on the shares. The company reported solid results against a backdrop of macro uncertainty, the analyst tells investors in a research note. Although revenue came in just under consensus, the stock was up as billings, operating income and free cash flow "all beat on healthy execution," says the firm. It continues to believes Fortinet is well positioned as a beneficiary of vendor consolidation.
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Published first on TheFly
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