Fortinet’s stock saw a rise of 1.8% on Thursday as an analyst, Shaul Eyal of TD Cowen, published a bullish note on the cybersecurity company ahead of its Q1 earnings release. Eyal, who has a price target of $85 per share, reiterated his outperform rating and stated that Fortinet will beat consensus analyst estimates for revenue and profitability. His positive outlook is based on discussions with resellers and familiarity with the company’s solutions, as well as “overall hybrid IT security positive momentum.”
Fortinet’s stock outperformed the S&P 500 index, which saw a gain of 1.3%, as cybersecurity stocks continue to do well due to heightened awareness around cybersecurity for organizations and governments.
Analysts are bullish about Fortinet’s growth prospects and are predicting a 26% year-over-year rise in revenue to $1.20 billion and a more than 50% improvement in net income to $0.29 per share for Q1. Fortinet is set to publish and disseminate its Q1 results on May 4.