Fortinet price target raised to $100 from $80 at Piper Sandler

Piper Sandler raised the firm’s price target on Fortinet (FTNT) to $100 from $80 and keeps a Neutral rating on the shares after attending the company’s analyst day, with the session focused on the product strategy and vision across SecNet/SASE/SecOps, alongside diving deeper into the firewall refresh opportunity in 2025-2026. The company also updated mid-term targets, which call for an over 12% top-line CAGR with more than 30% margins. Piper came away with a greater appreciation for the company’s growth opportunity in SASE and SecOps, especially given the focus on penetrating in the enterprise. A formalization of mid-term targets was helpful, but broadly in line with the firm’s existing expectations, Piper adds.