Goldman Sachs analyst Gabriela Borges maintained a Buy rating on Fortinet today and set a price target of $101.00.
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Gabriela Borges’s rating is based on a combination of factors that suggest Fortinet is well-positioned for future growth. Despite a recent downturn in stock performance due to concerns about the firewall refresh cycle, Borges believes that the company’s potential for consistent growth remains strong. The refresh cycle, while not as impactful as initially expected, indicates a shift towards less cyclical business dynamics, aligning with industry trends observed by peers like Palo Alto.
Furthermore, Borges highlights Fortinet’s strategic positioning in the convergence of security and networking, as evidenced by its recognition in the Gartner Magic Quadrant for SASE. This positioning, combined with a significant growth opportunity as only a small percentage of enterprise customers have adopted SASE, supports the Buy rating. Borges maintains confidence in Fortinet’s ability to capture market share and drive long-term growth, justifying the positive outlook on the stock.
Borges covers the Technology sector, focusing on stocks such as Palo Alto Networks, Zscaler, and Cloudflare. According to TipRanks, Borges has an average return of 8.2% and a 53.69% success rate on recommended stocks.
In another report released today, TR | OpenAI – 4o also upgraded the stock to a Buy with a $108.00 price target.