Truist raised the firm’s price target on Fortinet (FTNT) to $125 from $105 and keeps a Buy rating on the shares. The company’s Q4 results were “solid” as Product revenue was up 18% y/y – the highest growth rate in 6 quarters – as enterprises start their purchasing of refreshes, the analyst tells investors in a research note. Fortinet’s billings outperformance was also driven by improved sales execution and traction in its SASE and SecOps pillars, Truist added.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FTNT:
- Fortinet price target raised to $115 from $110 at Cantor Fitzgerald
- Morning Movers: Amazon slips after soft revenue guidance, big AI spending plans
- Fortinet price target raised to $115 from $97 at RBC Capital
- Fortinet price target raised to $90 from $85 at Deutsche Bank
- Fortinet price target raised to $135 from $120 at TD Cowen