Rosenblatt upgrades Fortinet on ‘compelling setup’ into earnings

Rosenblatt upgraded Fortinet (FTNT) to Buy from Neutral with a price target of $100, up from $85, ahead of the Q4 report on February 5. Recent channel checks with five resellers point to a “meaningful inflection” in demand for Fortinet, the analyst tells investors in a research note. The firm believes the combination of a “broad-based” hardware refresh cycle that is increasingly displacing aging Cisco (CSCO) firewall systems, “aggressive” Q4 sales execution, and favorable tax incentives creates a “compelling setup” for a “beat and raise” quarter for Fortinet.