Fortinet's Long-Term Guidance Alleviates Concerns Over Future Performance, BofA Says

MT Newswires Live11-20 00:36

Fortinet's (FTNT) long-term guidance provided at its analyst day event alleviates concerns about future performance and reflects a solid outlook for product revenue growth despite uncertainties regarding 2025 projections, BofA Securities said in a note Tuesday.

The investment firm said that an estimated 650,000 units are reaching end-of-support in 2026 and the retiring FortiGate units are expected to significantly drive product revenue growth.

Fortinet's new products, including Unified Secure Access Service Edge and Security Operations are seeing "strong demand," indicating future prospects and continued growth, according to the note.

"Our target valuation multiple is based on a 31x forward enterprise value to free cash flow multiple, which is higher than the historical level of ~25x; however, we believe this is justified given the shift towards Unified SASE and Security Operations," BofA said.

The firm raised its price target to $104 from $87 and reiterated a buy rating on the stock.

Price: 91.35, Change: -0.53, Percent Change: -0.58

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2484922053?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-20 00:36","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2484922053","market":"fut","top_or_hot":-1,"title":"Fortinet's Long-Term Guidance Alleviates Concerns Over Future Performance, BofA Says","media":"MT Newswires Live","content":"<html><body><p> Fortinet's (FTNT) long-term guidance provided at its analyst day event alleviates concerns about future performance and reflects a solid outlook for product revenue growth despite uncertainties regarding 2025 projections, BofA Securities said in a note Tuesday.</p><p>The investment firm said that an estimated 650,000 units are reaching end-of-support in 2026 and the retiring FortiGate units are expected to significantly drive product revenue growth.</p><p>Fortinet's new products, including Unified Secure Access Service Edge and Security Operations are seeing \"strong demand,\" indicating future prospects and continued growth, according to the note.</p><p>\"Our target valuation multiple is based on a 31x forward enterprise value to free cash flow multiple, which is higher than the historical level of ~25x; however, we believe this is justified given the shift towards Unified SASE and Security Operations,\" BofA said.</p><p>The firm raised its price target to $104 from $87 and reiterated a buy rating on the stock.</p><p>Price: 91.35, Change: -0.53, Percent Change: -0.58</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fortinet's Long-Term Guidance Alleviates Concerns Over Future Performance, BofA Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFortinet's Long-Term Guidance Alleviates Concerns Over Future Performance, BofA Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-20 00:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mtnewswires.com/><strong>MT Newswires Live</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fortinet's (FTNT) long-term guidance provided at its analyst day event alleviates concerns about future performance and reflects a solid outlook for product revenue growth despite uncertainties ...</p>\n\n<a href=\"https://www.mtnewswires.com/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4532","symbol_name":"文艺复兴科技持仓","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2484922053","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2484922053","pubTimestamp":1732034161,"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"Fortinet's  long-term guidance provided at its analyst day event alleviates concerns about future performance and reflects a solid outlook for product revenue growth despite uncertainties regarding 2025 projections, BofA Securities said in a note Tuesday.The investment firm said that an estimated 650,000 units are reaching end-of-support in 2026 and the retiring FortiGate units are expected to significantly drive product revenue growth.Fortinet's new products, including Unified Secure Access Service Edge and Security Operations are seeing \"strong demand,\" indicating future prospects and continued growth, according to the note.\"Our target valuation multiple is based on a 31x forward enterprise value to free cash flow multiple, which is higher than the historical level of ~25x; however, we believe this is justified given the shift towards Unified SASE and Security Operations,\" BofA said.The firm raised its price target to $104 from $87 and reiterated a buy rating on the stock.Price: 91.3","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4532":"文艺复兴科技持仓","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU1917777945.USD":"安联专题基金Cl AT Acc","IE0008368304.USD":"STEWART INVESTORS WORLDWIDE LEADERS SUSTAINABILITY FUND \"I\" (USD) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","BK4588":"碎股","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","FTNT":"飞塔信息","LU0079474960.USD":"联博美国增长基金A","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","BK4097":"系统软件","BK4585":"ETF&股票定投概念","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BK4560":"网络安全概念","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC"},"translate_title":"美国银行表示，Fortinet的长期指导缓解了对未来业绩的担忧","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FTNT":1},"content_text":"Fortinet's (FTNT) long-term guidance provided at its analyst day event alleviates concerns about future performance and reflects a solid outlook for product revenue growth despite uncertainties regarding 2025 projections, BofA Securities said in a note Tuesday.The investment firm said that an estimated 650,000 units are reaching end-of-support in 2026 and the retiring FortiGate units are expected to significantly drive product revenue growth.Fortinet's new products, including Unified Secure Access Service Edge and Security Operations are seeing \"strong demand,\" indicating future prospects and continued growth, according to the note.\"Our target valuation multiple is based on a 31x forward enterprise value to free cash flow multiple, which is higher than the historical level of ~25x; however, we believe this is justified given the shift towards Unified SASE and Security Operations,\" BofA said.The firm raised its price target to $104 from $87 and reiterated a buy rating on the stock.Price: 91.35, Change: -0.53, Percent Change: -0.58","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484922053"}