Fortinet upgraded to Buy from Hold at HSBC

HSBC analyst Stephen Bersey upgraded Fortinet (FTNT) to Buy from Hold with a price target of $111, up from $83. Fortinet reported better-than-expected Q3 results and provided upbeat Q4 guidance and long-term outlook. HSBC increased its 2025-28 non-GAAP EPS by 13%-31% to reflect the latest results and its new outlook, citing valuation and growth acceleration for its upgrade.