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1/8/2024 2:06:11 PM Eastern Time

Strong Rebound
By Karina Hernandez, Senior Research Analyst

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It is a strong session helped by a rebound in technology stocks. Nvidia (NVDA) hit a new record high amid a report that the company is set to start mass production of a China-focused AI chip.

On the economic front, inflation Expectations from the NY Fed saw one-year ahead to drop significantly to 3%, its lowest level since 2021. The 3-year ahead hit its lowest level since June 2020 at 2.6%.

More intriguing is household income struggling to rise, and spending expectations lurching into free fall. 

Long Idea: Fortinet Inc. (FTNT) @ $60.92
Industry: Technology; Application Software
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BACKGROUND: Fortinet, Inc. provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers their end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender, a hardware appliance; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides centralized network logging, analyzing and reporting solutions. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; FortiClient that provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall; FortiAuthenticator, a zero trust access solution; FortiGate VM, a network firewall virtual appliance; FortiToken, product family for multi-factor authentication to safeguard systems, assets, and data; and FortiEDR/XDR, an endpoint protection solution that provides both machine-learning anti-malware prote

SKINNY: FTNT is a great company for having exposure to cybersecurity sector. The company has large opportunities in the next several years, especially as cybercrime continues to impact through the utilization of AI. According to Statista, the global impacts of cybercrime are projected to increase to $13.82 in 2028 from $7.08 trillion in 2022. FTNT is recognized as the most validated cybersecurity and networking solutions for small businesses, communication service providers, government organizations among other businesses. Our target is $74.