Fortinet stock gains after J.P. Morgan upgrade

Fortinet Inc. shares are up 3.8% in Monday morning trading after J.P. Morgan's Sterling Auty upgraded the cybersecurity stock to overweight from neutral. "We believe the company has embarked on the right strategy of balancing mid- to high-teen growth prospects in revenue with margin expansion that should deliver an attractive cash flow profile in the coming years as opposed to overspending in an effort to keep revenue growth above 20%," Auty wrote. He sees "consistent demand" for the company's products and expects that shares could outperform in the second half of the year provided that Fortinet delivers strong execution. Auty has a $93 price target on the stock, which has gained 12% so far this year but is off about 20% from its 2019 high. The S&P 500 has climbed 18% so far in 2019.

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