Fortinet price target raised to $90 from $77 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Fortinet (FTNT) to $90 from $77 and keeps a Hold rating on the shares. The company’s vision and strategy were well articulated at the analyst day, and it multiple inherent platform advantages in driving technology convergence to successfully prosecute a “massive” $284B market opportunity, the analyst tells investors in a research note. However, Deutsche remains on the sidelines, saying Fortinet’s growth drivers remain a small part of the overall mix while there is ongoing risk that competition can pressure growth and margins.