Why Fortinet Stock Topped the Market on Tuesday
Shares of Fortinet (NASDAQ: FTNT) got a nice lift from a heavy hitter in the financial industry on Tuesday. After a white-shoe investment bank initiated coverage on the stock, it increased to close nearly 2% higher in price, on a day when the S&P 500 index basically was flat.
Well before market open this morning, Goldman Sachs' Gabriela Borges launched her coverage of Fortinet. She initiated it with a buy recommendation at a price target of $73, implying potential upside of almost 20% over the shares' current level.
Borges said she is impressed with Fortinet's approach to its business, which centers on the simultaneous need for wide networking capabilities and security. She believes that the up-and-coming secure access service edge (SASE) cybersecurity approach is well served by the company and has fine potential for meaningful growth.
Source Fool.com
