Fortinet price target raised to $97 from $82 at RBC Capital

RBC Capital analyst Dan Bergstrom raised the firm’s price target on Fortinet (FTNT) to $97 from $82 and keeps a Sector Perform rating on the shares. The company’s Analyst Day presentation did a good job in highlighting its opportunity, customer journey across Secure Networking, Unified SASE and Ai-Drive SecOps, and potential product refresh while offering medium term targets, the analyst tells investors in a research note. The outlook was somewhat mixed vs. investor expectations and given the presented compelling opportunity, though the firm will look for initial 2025 guidance early next year for a better sense around how revenue/margins likely build to the Rule of 45 going forward, RBC adds.