Fortinet price target raised to $83 from $76 at Bernstein

Bernstein raised the firm’s price target on Fortinet (FTNT) to $83 from $76 and keeps a Market Perform rating on the shares. The firm says Fortinet’s Q4 earnings were “a bit messy.” On one hand they offered some nice strength in their hardware business. On the other hand, the closely watched services revenue came in a touch below consensus.