Fortinet upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc analyst Eric Heath upgraded Fortinet (FTNT) to Overweight from Sector Weight with a $115 price target The firm is more positive on an industry-wide refresh opportunity in 2025 than what consensus estimates currently expects. It does not thing Fortinet’s own end-of-service refresh opportunity is sufficiently captured in consensus estimates. The analyst is also positive on Fortinet’s differentiation to be competitive in secure access service edge. KeyBanc is again have a positive outlook for software budgets in 2025, with a bias toward an improving demand environment, compared to 2024.