Fortinet price target raised to $100 from $88 at BMO Capital

BMO Capital raised the firm’s price target on Fortinet (FTNT) to $100 from $88 and keeps a Market Perform rating on the shares after its Analyst Day presentation. The firm believes that the company’s medium-term targets are reasonable, and it was encouraged that Fortinet is investing more in SASE/SecOps, the analyst tells investors in a research note. BMO further notes that Fortinet’s refresh opportunity in 2025 is “significant”, also stating that the company’s portfolio and common OS provide competitive advantages despite being better aligned to small and medium size organizations.