TD Cowen analyst Shaul Eyal reiterated a Buy rating on Fortinet (FTNT – Research Report) today and set a price target of $135.00.
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Shaul Eyal’s rating is based on Fortinet’s strong performance and growth prospects in several key areas. The company has benefited from a significant demand boost due to the ongoing end-of-service firewall refresh cycle. Fortinet achieved an impressive number of new customer wins and delivered strong results in their Unified SASE and SecOps segments, contributing to an outstanding fourth-quarter performance.
Moreover, Fortinet’s product segment experienced notable growth, with total billings surpassing expectations and robust revenue increases in the SMB sector and EMEA region. The company’s record operating margins, despite challenges, and better-than-expected earnings per share further reinforce the positive outlook. Considering these factors and the potential for continued success in the absence of escalating US tariffs, Shaul Eyal sees Fortinet as well-positioned for future growth, justifying a Buy rating and an increased price target.
Eyal covers the Technology sector, focusing on stocks such as Fortinet, Palo Alto Networks, and Cloudflare. According to TipRanks, Eyal has an average return of 27.5% and a 70.16% success rate on recommended stocks.
In another report released on January 23, Rosenblatt Securities also reiterated a Buy rating on the stock with a $115.00 price target.