Business Strategy and Outlook
| Malik Ahmed Khan |We see Fortinet at the forefront of the convergence of networking and security. We believe the firm stands to materially benefit as secular tailwinds in network security and vendor consolidation increase Fortinet’s value proposition to its clients. In our view, the firm’s established customer switching costs, buttressed by its increasingly potent network effect, will allow Fortinet to continuously gain and expand the number of clients and has already enabled it to build a wide economic moat around its business.