Fortinet price target raised to $85 from $70 at Truist

Truist analyst Junaid Siddiqui raised the firm’s price target on Fortinet (FTNT) to $85 from $70 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results among Infrastructure & Security Software. The firm notes that companies in its coverage took a conservative posture for guidance and that model setups could drive a continued beat-and-raise cadence. Truist adds that despite a more delayed flow of generative AI applications moving into production vs. its expectations at the beginning of the year, its conversations with IT teams suggest they continue to get incremental funding.