Fortinet price target raised to $78 from $68 at Mizuho

Mizuho raised the firm’s price target on Fortinet (FTNT) to $78 from $68 and keeps an Underperform rating on the shares as part of a 2025 outlook for the software group. The firm increased price targets on several companies, largely a reflection of recent increases in comp multiples. It believes the most important trends benefiting software vendors today and in the future are digital transformation, generative artificial intelligence, data and analytics, contact center cloud migrations, DevOps, and next-generation security. Mizuho believes the industry’s risk/reward is more balanced entering 2025, but still attractive overall.