Fortinet price target raised to $80 from $70 at Piper Sandler

Piper Sandler raised the firm’s price target on Fortinet (FTNT) to $80 from $70 and keeps a Neutral rating on the shares after quarterly results. Despite “favorable” commentary around normalizing product trends, Fortinet lowered billings for the second consecutive quarter on caution around back-end weighted, large-transactions, Piper told investors in a research note.