Fortinet set for best day after co hikes FY24 revenue forecast
Updates
** Shares of cybersecurity firm Fortinet FTNT.O surge 23.4% to $68.89 - stock set for its best day, if gains hold
** Co raises FY24 revenue forecast to the range of $5.8 bln-$5.9 bln from earlier range of $5.75 bln-$5.85 bln, as companies increase spending on safety from cyberattacks
** Analysts' expect an average of $5.79 bln - LSEG data
** Co sees FY24 adj. EPS in the range of $2-$2.04 vs $1.73-$1.79 earlier
** Jefferies says co's better margin forecast for Q3 appears sustainable - could support shares; raises PT to $70 from $65
** Bernstein says real positive surprise was on the bottom line - with adj. operating margins coming in above consensus, also expects improvement to be stable
** At least seven other brokeragesalso raise PT on stock
** Average rating of 44 brokerages is a "hold", median PT at $70 - LSEG data
** Stock up nearly 18% YTD, including session moves
Reporting by Purvi Agarwal in Bengaluru
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