Fortinet price target raised to $88 from $80 at Baird

Baird raised the firm’s price target on Fortinet (FTNT) to $88 from $80 and keeps an Outperform rating on the shares. The firm said they offered a softer billings-growth outlook, reflecting muted near-term appetite for product updates. However, management highlighted a significant refresh-cycle expected in FY25 to stimulate demand recovery ahead of 2026, driven by a high volume of older FortiGate units nearing end-of support.