RBC Capital analyst Dan Bergstrom raised the firm’s price target on Fortinet (FTNT) to $97 from $82 and keeps a Sector Perform rating on the shares. The company’s Analyst Day presentation did a good job in highlighting its opportunity, customer journey across Secure Networking, Unified SASE and Ai-Drive SecOps, and potential product refresh while offering medium term targets, the analyst tells investors in a research note. The outlook was somewhat mixed vs. investor expectations and given the presented compelling opportunity, though the firm will look for initial 2025 guidance early next year for a better sense around how revenue/margins likely build to the Rule of 45 going forward, RBC adds.
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Read More on FTNT:
- Fortinet price target raised to $90 from $80 at Evercore ISI
- Fortinet price target raised to $95 from $88 at Cantor Fitzgerald
- Fortinet price target raised to $100 from $88 at BMO Capital
- Fortinet price target raised to $104 from $87 at BofA
- Fortinet price target raised to $105 from $90 at TD Cowen
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
