In a report released on August 25, Gabriela Borges from Goldman Sachs maintained a Buy rating on Fortinet, with a price target of $101.00.
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Gabriela Borges’s rating is based on Fortinet’s strategic emphasis on technology-driven upgrades and cross-selling opportunities as key revenue growth drivers, rather than relying heavily on end-of-support refreshes. This shift in focus suggests that Fortinet is adapting its business model to leverage its technological advancements and broaden its customer base.
Additionally, Fortinet’s ability to maintain a price/performance advantage in the market supports its competitive positioning, particularly in the low-end segment. The company’s proactive approach in disclosing its growth strategies and providing visibility into its future revenue streams further bolsters investor confidence, justifying the Buy rating.
In another report released yesterday, Scotiabank also reiterated a Buy rating on the stock with a $85.00 price target.