Fortinet price target raised to $85 from $75 at Scotiabank

Scotiabank raised the firm’s price target on Fortinet (FTNT) to $85 from $75 and keeps an Outperform rating on the shares. The company reported a “respectable” Q3 billings growth and margins came in “well above” the Street, the analyst tells investors. The firm continues to like Fortinet as a high-quality company in a critical area of software.