1 Beaten-Down Tech Stock to Buy Hand Over Fist Before It Erupts
's (NASDAQ: FTNT) red-hot rally came to a screeching halt after the company released its second-quarter 2023 results on Aug. 3. This wasn't surprising, as it missed Wall Street's revenue estimates and also lowered its full-year revenue and billings guidance.
The stock price tanked 25% in a single session as investors quickly headed for the exits, even though the company reported solid year-over-year growth in revenue, earnings, and free cash flow. However, Raymond McDonough of investment advisory firm Guggenheim Partners raised his rating on Fortinet to buy and issued a $70 price target that points toward a 20% jump from current levels.
McDonough points out that Fortinet is a structurally sound company that could witness an acceleration in growth in 2024 once the macroeconomic headwinds that it is facing subside. A closer look at the company's business and key metrics will tell us that this could indeed be the case. Let's see why Fortinet's slowdown is likely to be temporary.
Source Fool.com
Fortinet Inc. Stock
The stock is one of the favorites of our community with 37 Buy predictions and 3 Sell predictions.
As a result the target price of 69 € shows a positive potential of 31.43% compared to the current price of 52.5 € for Fortinet Inc..
