Fortinet price target raised to $88 from $76 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Fortinet (FTNT) to $88 from $76 and keeps a Market Perform rating on the shares. The company reported a mixed quarter, with the results and outlook for organic billings growth seen as weak, though the firm still believes that the firewall market could improve in FY25 while noting that Fortinet’s free cash flow generation continues to impress, the analyst tells investors in a research note.