A promising entry point in Fortinet shares has opened, according to Guggenheim. Analyst Raymond McDonough said he is "taking advantage of the digestion period" on shares, which tumbled 25% Friday following a mixed second-quarter earnings report. The analyst initiated a price target of $70 on shares, implying shares rallying 23.3% from their last close. Despite Friday's sell-off, the stock is still up more than 16% year to date. However, he added that most of the risk fears have been priced into the stock following Friday's selloff.

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Persons: Raymond McDonough, McDonough, — CNBC's Michael Bloom Organizations: Guggenheim Locations: reaccelerate