Baird Upgrades Fortinet on New CFO Appointment and Revenue Catalysts

Baird analyst Jayson Noland upgraded Fortinet (NASDAQ: FTNT) from Neutral to Outperform and raised the price target from $24.00 to $25.00. Shares of Fortinet gained as much as 3.09% to $19.00 following the note.

Noland reported that the appointment of Andrew Del Matto as Chief Financial Officer is a positive note after the concern around the unexpected departure of the previous CFO. The analyst also commented on revenue catalysts including the NP6 ASIC product released in October and incrementally better spending.

Fortinet closed at $18.43 on Friday.