Fortinet price target raised to $83 from $70 at UBS

UBS raised the firm’s price target on Fortinet (FTNT) to $83 from $70 and keeps a Neutral rating on the shares. The company’s overall 3Q results “were fine” but the overall reacceleration in billings and Q4 guide “is somewhat underwhelming,” the analyst tells investors in a research note. The firm thinks the shares are appropriately valued.