Fortinet price target raised to $76 from $66 at Citi

Citi raised the firm’s price target on Fortinet to $76 from $66 and keeps a Neutral rating on the shares after spending time with management. The analyst left with improved confidence that the worst of the firewall cyclicality is in rearview, and better appreciation for variables underpinning the company’s second half of 2024 billings upswing. The firm says “greenshoots are materializing.”