TD Cowen analyst Shaul Eyal upgraded Fortinet (FTNT) to Buy from Hold with an unchanged price target of $100. The firm says its channel checks on Fortinet suggest stability throughout fiscal 2026. The firm sees upside to Q4 billings and revenue estimates and believes its fiscal 2026 billings estimate of 11.6% will be revised higher. Artificial intelligence is “not eating security software but rather augmenting it,” the analyst tells investors in a research note. TD views Fortinet’s valuation as “reasonable” at current share levels.
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