Fortinet price target raised to $103 from $90 at Stifel

Stifel analyst Adam Borg raised the firm’s price target on Fortinet (FTNT) to $103 from $90 and keeps a Hold rating on the shares. After a bumpy start to 2024, the year is “ending on a higher note” for the enterprise software group, driven by stabilizing-to-modestly accelerating top-line growth rates along with relatively attractive mid-year multiples, earlier signs of AI monetization, especially among the largest software companies, declining interest rates and solid economic growth and a “safe haven” status post the election given limited, to no, tariff or China exposure, the analyst tells investors in a 2025 preview for the group. The firm expects management teams to take a more conservative approach to Q1 guidance, but overall believes that “in general top-line growth rates should at least mirror what we have seen during the back half of 2024 due to many of the above mentioned factors,” the analyst added.