According to CNBC, Jay Woods of Chase Games said Fortinet posted a beat-and-raise last week, but shares fell amid slower product growth and a reduced services outlook. Woods identified Thursday’s $127.40 low as support and said a break below it could expose the stock to further weakness toward $110. He is looking to buy around $132, with a potential rebound target of $155 to $160 over the coming months. Woods estimated the trade could return 15% to 20% over the coming weeks.
