UPDATE: Deutsche Bank Lowers PT on Fortinet on Negative Q1'13 Numbers

In a report published Thursday, Deutsche Bank analyst Tom Ernst Jr. reiterated a Buy rating on Fortinet

, but lowered the price target from $32.00 to $30.00. In the report, Ernst noted, “FTNT negatively pre-announced its Q1'13 numbers attributing the shortfall to weakness in the US service provider space, weakness in Latin America and Europe and inventory shortage in certain product segments. The weakness in the service provider space was due to a mix of factors including change in buyer behavior patterns resulting in only part of deal materializing in the quarter, and drawn out sales cycle resulting in deals not closing in the quarter. There wasn't any change in the competitive landscape, and none of the slipped deals were lost to competitors.” Fortinet closed on Wednesday at $21.85.