What took place
These days, with security being a top priority for most businesses and governments, stocks in that software sector have performed comparatively well. One that performed well on the market on Thursday was Fortinet( FTNT 1.79 %), which gained a victory over the S & ampP 500 index thanks to an analyst tracking the shares' rather bullish note. The stock increased by 1.8 % during the day, surpassing the index's's 1.3 % gain.
Now what?
Shaul Eyal, an analyst for TD Cowen, reiterated his outperform( read buy ) recommendation for Fortinet stock at a target price of$ 85 per share.
In advance of its new first-quarter earnings launch, Eyal released a new note on the stock. According to him, the security provider may outperform revenue and profitability projections from consensus analysts. This assessment is based on interviews with 15 resellers and other conversations with people who are familiar with Fortinet's's solutions, as well as what he called" overall hybrid IT security positive momentum ," among other things.
In fact, Eyal claims that his business has nearly$ 1.22 billion in Fortinet sales for the quarter, which is the highest estimate.
What next?
Analysts as a whole are often optimistic about Fortinet's's future growth.
These prognosticators predict that the top line will increase by 26 % year over year to$ 1.20 billion for the aforementioned quarter, the results of which are scheduled to be published and disseminated on May 4. The discussion is for a more than 50 % change to$ 0.29 per share, while gross income should raise more significantly.
