NEW YORK (TheStreet) -- Fortinet Inc. (FTNT) stock is up 2.04% to $34.96 in afternoon trading Wednesday, after Oppenheimer increased its price target to $39 from $35, while maintaining its "outperform" rating on the stock.
"Our bullish stance is driven by continued strength from high-end appliances, strength across all geographies and verticals notably within the Telco vertical, and Fortinet's Advanced Persistent Threat (APT) solution continues to see solid demand as APT remains prevalent," analysts said about the network security solutions provider.
Fortinet focuses on beating competition from a performance perspective, which has been successful and helped drive large deals, according to Oppenheimer.
"As security remains top priority from a corporate spend view point, we expect Fortinet to sustain its recent strong performance," the firm noted.
Analysts said that an accelerated macro spend coupled with Fortinet's high performance products should continue to drive growth greater than 20%.
Given current demand trends for security solutions, Oppenheimer views Fortinet's initial 2015 fiscal year guidance of 18.8% to 20.1% year over year as highly feasible.
Insight from TheStreet's Research Team:
The stock closed the week 1% higher. On Friday, Wells Fargo reiterated its outperform rating and $39 to $41 price target range for the shares after meeting with management and is now more bullish on the company's ability to increase its share with large enterprise customers this year. We reiterate our stance that security preparedness is at the forefront of high-level discussions at all companies, and we believe this will translate into increased sales for the industry and for Fortinet in particular. We remain long- term bullish on cybersecurity and especially like Fortinet's robust balance sheet, impressive cash flow and lack of debt.