Fortinet price target raised to $104 from $87 at BofA

BofA raised the firm’s price target on Fortinet (FTNT) to $104 from $87 and keeps a Buy rating on the shares after management provided long-term guidance targets, supported by a 2026 and 2027 firewall end-of-support cycle, as well as improved traction for Unified SASE and Security Operations, at the company’s analyst day meeting. Management did not provide guidance for 2025, driving some uncertainty about the magnitude of the upcoming firewall refresh cycle, but the three- to five-year guidance targets are “solid” and the firm sees room for upside, the analyst tells investors.