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- Fortinet (FTNT) shares have nearly doubled year-to-date, making it the best-performing cybersecurity stock. However, investor sentiment is “mixed” for several reasons, going into earnings season, Citi said.
- “Into results (7/29) and what we believe is mixed investor sentiment/positioning, we decompose these 2 key investor debate-points: 1) product growth complexion (durability/diversity), and 2) services re-acceleration slope/scope (topline quality), where we largely shake-out balanced in our views, with intra-Q field work that surprisingly, wasn’t unequivocally negative,” Citi analyst Fatima Boolani wrote in a note to clients. “We concede FTNT’s next leg higher is almost-entirely contingent on #2 where our confidence tilts muted, with likely-stubborn GM pressures also top-of-mind. However, near-term growth revisions trending directionally positive, combined with FTNT’s operational rigor/GAAP support/buyback backstop should buoy shares, balancing risk/reward, in our view.”
- Boolani kept her Neutral rating on Fortinet but raised her price target to $165 from $115.
- Fortinet is set to report quarterly results after the close of trading on July 29. A consensus of analysts expects the company to earn $0.75 per share on $1.89B in revenue.
Fortinet sentiment is 'mixed' heading into earnings, despite sharp run-up: Citi
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Fortinet (FTNT) shares have nearly doubled year-to-date, making it the best-performing cybersecurity stock. However, investor sentiment is “mixed” for several reasons, going into earnings season, Citi said. “Into results (7/29) and what we believe is mixed investor sentiment/positioning, we decompose these 2 key investor debate-points: 1) product g...
