Fortinet price target raised to $135 from $120 at Piper Sandler

Piper Sandler raised the firm’s price target on Fortinet (FTNT) to $135 from $120 and keeps an Overweight rating on the shares. The firm notes Q4 ended the year with discussion points for bulls and bears alike. On the positive side, +18% product growth evidenced the emerging refresh cycle, margins continue to set new records and large deals were a highlight as well. An organic billings guide down for 2025, cautious commentary related to tariff impact and more management turnover should claw back some optimism from the former points, Piper adds. The firm believes the pros outweigh the cons, however, coming away from Q4 more enthusiastic relative to its recent upgrade thesis.