Fortinet price target raised to $110 from $85 at Scotiabank

Scotiabank analyst Patrick Colville raised the firm’s price target on Fortinet (FTNT) to $110 from $85 and keeps an Outperform rating on the shares. The firm sees the recent Investor Day as a “validation moment” for the company’s story, with Scotiabank coming away from the event more excited about Fortinet’s hardware refresh cycle, the analyst tells investors. Overall, the firm likes Fortinet as a “sticky, high-quality holding” that offers a blend of growth, GAAP profitability, and top-tier capital discipline.