Analyst Sterling Auty wrote in a note to clients that the company was seeing "consistent demand." The analyst is counting on Fortinet's "proper execution" to lead to outperformance in the second half of the year.
The cybersecurity stock "has embarked on the right strategy of balancing mid- to high-teen growth prospects in revenue with margin expansion," the analyst wrote, adding that this "should deliver an attractive cash flow profile."
The analyst said fears over demand "appear overdone."
The company has 10 buys, 17 holds, three sell ratings, and an average price target of $92, according to Bloomberg.
Analysts raised their consensus one-year target price for the stock by 7.4% in the past three months. Forecasts range from $75 to $105.
The stock rose 1.7% to $77.43. Its 52-week price range is between $61.08 and $96.96, according to FactSet.
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