Fortinet price target raised to $100 from $95 at BMO Capital

BMO Capital raised the firm’s price target on Fortinet (FTNT) to $100 from $95 and keeps a Market Perform rating on the shares. BMO notes it expects the company to report a solid quarter that is very different from Check Point (CHKP), with most of the March quarter upside to be generated from product revenues vs. the firm’s estimate of 15% y/y growth, the analyst tells investors in a research note. The firm adds, however, that while its bias is positive, it prefers to get a better entry point and more confidence in the durability of consolidated growth to get more constructive on Fortinet shares.