Fortinet: SASE Subscription Fuels Margins

Group 1 - The article initiates coverage on Fortinet, Inc. (NASDAQ: FTNT) with a Strong Buy rating and a price target of $148, highlighting its integrated and automated cybersecurity solutions across firewall, cloud, and endpoint [1] - While consensus anticipates a moderation in firewall growth, the analysis suggests a positive shift in margins and a mix change towards more profitable segments [1] - Moretus Research emphasizes a structured approach to equity research, focusing on companies with durable business models and mispriced cash flow potential, aiming to identify investment opportunities that can lead to asymmetric returns [1] Group 2 - The research methodology of Moretus Research is based on rigorous fundamental analysis and pragmatic valuation, tailored to each company's business model and capital structure [1] - The coverage tends to favor underappreciated companies undergoing structural changes or temporary dislocations, where disciplined analysis can yield significant investment returns [1] - Moretus Research aims to elevate the standards of independent investment research by providing actionable insights and a strong filter for relevant information in equity analysis [1]