Deutsche Bank analyst Brad Zelnick lowered the firm’s price target on Fortinet (FTNT) to $85 from $90 and keeps a Hold rating on the shares as part of a 2025 software sector outlook. Software will outperform in 2025 as a result of improving fundamentals, positive estimate revisions and modest multiple expansion over the course of the year, the analyst tells investors in a research note. The firm expects improving demand trends and artificial intelligence optimism to more than offset “slow-but-ramping” generative AI adoption, elevated capex, and an ongoing scaling-laws debate.
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