By Sam Boughedda
Despite a rise on Monday, Fortinet (NASDAQ:FTNT) shares have given up those gains and more following the recent U.S. inflation print, putting it at -29% in 2022.
Nevertheless, the company held its 2022 Security Summit in Napa this week, with analysts at BMO Capital Markets and Mizuho Securities posting research notes with positive comments.
The BMO Capital Markets analyst said the firm came away from the Napa analyst event "remaining positive on the story."
While the analyst said the firm is making no changes to their estimates, they stated there was a positive VAR check.
"A very large VAR we spoke with indicated that demand remains steady, particularly for FTNT," said the analyst. "FTNT is doing much better in mid-market accounts."
Meanwhile, a Mizuho Securities analyst maintained a Buy rating and a $70 price target on Fortinet shares. He commented that the partners and customers they spoke with consistently pointed to good ongoing demand for FTNT's solutions.
"More broadly, we remain confident FTNT is very well-positioned within network security, and that it will continue to take healthy market share. We also believe FTNT should be a meaningful outperformer given our expectation of continued execution with very healthy operating margins, and with FTNT trading at a 5% CY23E FCF yield," he concluded.