Morgan Keegan: Fortinet 4Q11 Results Solid

In a research report published by Morgan Keegan today, Fortinet Inc.'s (NASDAQ: FTNT) 4Q11 results provide evidence of solid fundamentals.

According to Morgan Keegan, “FTNT announced strong 4Q11 results with revenue of $120.8 million, (+29% Y/Y) and EPS of $0.14, compared to the consensus expectation for $116.6 million and $0.12 respectively. Billings in 4Q11 increased 27% Y/Y to $141 million versus our assumption of $133 million. Product revenue increased impressively by 40% Y/Y to $57.4 million versus our assumption of $54 million.”

Morgan Keegan's Outperform rating and $30 PT remain unchanged on Fortinet, which closed yesterday at $22.81.