Fortinet jumps after lifting annual forecast
BUZZ-Fortinet jumps after lifting annual forecast ** Cybersecurity firm Fortinet Inc FTNT.O shares rise 10.3% to $169 premarket after co lifts annual revenue and profit forecasts on strong Q2 results
** Shares on track to test their all-time high of $170.35 from July 15
** Co raises annual rev to $8.02 bln-$8.18 bln, up from a prior view of $7.71 bln-$7.87 bln, amid strong enterprise spending to tackle rising data-security incidents
** FTNT sees Q3 adj. EPS in the range of 83 cents and 87 cents, above estimate of 76 cents - data compiled by LSEG
** Co posts Q2 adjusted EPS of 90 cents and revenue of $2.1 bln, both beating analysts' consensus estimates of 75 cents and $1.89 bln
** Stock at 45 times expected earnings, vs its 5-yr avg forward PE of 42, as per LSEG data, suggesting it may be overvalued
** As of last close, stock up nearly 93% YTD
(Reporting by Anand Gopal in Bengaluru)