Fortinet price target raised to $106 from $105 at Morgan Stanley

Morgan Stanley analyst Hamza Fodderwala raised the firm’s price target on Fortinet (FTNT) to $106 from $105 and keeps an Overweight rating on the shares after the company hosted an in-person analyst day, which the firm says highlighted the broader platform strategy across Secure Networking, SASE and SecOps, all catalyzed by the upcoming firewall refresh cycle. While mid-term targets were largely in line with expectations, the firm sees upside to these targets, the analyst tells investors.