Wunderlich makes a contrarian call on Fortinet (FTNT -19.6%), upgrading the company to Buy as...
Wednesday, October 17, 2012, 12:54 PM ETWunderlich makes a contrarian call on Fortinet (FTNT -19.6%), upgrading the company to Buy as shares crumble following in-line Q3 results and soft Q4 guidance. Needham is also staying positive, touting Fortinet's growth potential and broad UTM product line, for which an OS upgrade and second-gen ASIC were announced yesterday. During Fortinet's earnings call, management noted Q3 Chinese billings were light, and that Americas billings saw higher seasonality.
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