- The cybersecurity market is growing, and a number of key drivers point to continued industry growth.

- Fortinet has a differentiated product and service suite that is currently competing well with larger players, building up a large pool of deferred revenue.

- Future growth justifying its price will have to come from Fortinet continuing to establish its niche and a positive consumer response to innovations such as Fabric.

- We recommend a SELL on the stock and target price of $25.

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