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June 28, 2022, 10:45 a.m. EDT

Fortinet stock gains after upgrade at BMO

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By Emily Bary

FTNT

Shares of Fortinet Inc. /zigman2/quotes/205733290/composite FTNT -0.44% were up 0.5% in Tuesday morning trading after BMO Capital Markets analyst Keith Bachman turned positive on the cybersecurity stock. Bachman sees "durable growth" ahead for the company, writing that, through calendar 2023, he expects Fortinet to sustain 20% revenue and Billings growth as well as free-cash-flow margins in the high-30% range. "We believe that security will remain a priority within IT spend in CY22 and beyond," he wrote. "In addition, if a recession occurs, which seems increasingly likely, we believe security spending will remain resilient." Overall, Bachman views Fortinet as "well-positioned" to pick up market share in markets such as firewalls and secure networking. "More specifically, SMBs [small- and medium-sized businesses] and mid-market companies are more likely to consolidate on FTNT's software stack, whereas all types of organizations will consolidate on FTNT's network solutions, in our judgement," he wrote. The stock has lost 12.8% over the past three months as the S&P 500 has declined 14.8%.

/zigman2/quotes/205733290/composite
US : U.S.: Nasdaq
$ 54.05
-0.24 -0.44%
Volume: 1.74M
Aug. 15, 2022 2:10p
P/E Ratio
66.33
Dividend Yield
N/A
Market Cap
$43.58 billion
Rev. per Employee
$374,272
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