Morgan Keegan Raises PT To $50 On FTNT

Morgan Keegan has raised its price target on Fortinet Inc. (NASDAQ: FTNT) from $47 to $50 based on strong 1Q11 performance.

According to Morgan Keegan, “Strong 1Q11 results provide evidence of accelerating fundamentals over the last several quarters and underscore our belief that broader market recognition and adoption of UTM products is occurring at the expense of traditional stateful inspection technology, and that Fortinet's best of breed positioning and strong channel execution is driving share gains in the network security market.”

Morgan Keegan maintains its Outperform rating on the stock.

FTNT closed yesterday at $41.73.