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FTNT - Palo Alto's billings issues overrated as some customers defer payments
Fortinet Inc.
2024-05-21 09:00:29 ET
"Given expectations for more upside coupled with the run in shares (Palo shares were up 14% QTD vs. the S&P 500 up 1%), we are not surprised to see the stock give back some recent gains," noted Stifel's Adam Borg and Brad Reback. "More broadly, we continue to believe F4Q will be a more important quarter given it's Palo's seasonally-strongest quarter along with Palo offering initial FY25 guidance at that time."...