Truist raised the firm’s price target on Fortinet (FTNT) to $105 from $85 and keeps a Buy rating on the shares. The firm is citing the company’s Analyst Day presentation offering additional detail regarding its total addressable market evolution as well as mid-term targets that were roughly in-line with consensus expectations, the analyst tells investors in a research note. Even though there were no new product announcements, the firm comes away from the event “incrementally more positive” and view Fortinet as one of the best positioned security companies to benefit from vendor consolidation based on its product breadth, Truist added.
Don't Miss Our New Year's Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FTNT:
- Fortinet price target raised to $105 from $90 at Wedbush
- Fortinet price target raised to $97 from $82 at RBC Capital
- Fortinet price target raised to $90 from $80 at Evercore ISI
- Fortinet price target raised to $95 from $88 at Cantor Fitzgerald
- Fortinet price target raised to $100 from $88 at BMO Capital