Scotiabank starts ‘core holding’ Fortinet at Outperform

As previously reported, Scotiabank analyst Patrick Colville initiated coverage of Fortinet with an Outperform rating and $65 price target. Given its "rare blend" of double-digit top-line growth and GAAP profitability, as well as shareholder-friendly capital returns, he views Fortinet as "a core holding," Colville tells investors. The market is under-appreciating the benefits to product sales from higher average selling prices, easing supply chain tightness, and Fortinet’s price versus performance strength, Colville contends.