Fortinet price target raised to $114 from $100 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Fortinet (FTNT) to $114 from $100 and keeps a Buy rating on the shares. The firm says security companies that executed successfully on platform strategies in 2024 benefited from positive estimate revisions and/or multiple expansion, as investors became more convinced in the durability of growth in an “otherwise volatile sector.” Goldman refreshed its growth cyclical framework to show stable fundamentals for security into 2025. However, in a year where customers may be investing more in software, security will likely remain defensive relative to select areas of infrastructure and application software, the analyst tells investors in a research note.