Fortinet price target raised to $113 from $106 at Morgan Stanley

Morgan Stanley analyst Hamza Fodderwala raised the firm’s price target on Fortinet (FTNT) to $113 from $106 and keeps an Overweight rating on the shares. Emerging product cycles, particularly those aligned with GenAI, favors Fortinet and Palo Alto Networks (PANW) given a network security refresh seen coming in the second half of 2025 and 2026, the analyst tells investors.