Fortinet price target raised to $90 from $80 at Evercore ISI

Evercore ISI raised the firm’s price target on Fortinet (FTNT) to $90 from $80 and keeps an In Line rating on the shares after the company hosted its analyst day and the updated mid-term financial targets “fell slightly below some expectations.” In terms of the incremental color on the product refresh cycle, the firm learned that one-fourth of all registered devices will come end of support in calendar year 2026 and of that, 65%-70% are considered to be low-end firewalls. The expectation is that most will start the refresh cycle in calendar year 2025, ahead of the end-of-life cycle, the analyst noted.