Wedbush raised the firm’s price target on Fortinet (FTNT) to $105 from $90 and keeps an Outperform rating on the shares after attending the company’s Analyst Day, where management provided 3- to 5-year financial targets along with updates to its highly anticipated product refresh cycle in 2026 and beyond. Fortinet anticipates that about 1/4 of its current installed base for firewalls will face end of service by the end of 2026 as the company anticipates customer engagement in early 2025, with the majority expected in the second half of 2025 as more enterprises seek vendor consolidation with security creating significant opportunities for cross and up-sell. Wedbush views the event as an overall positive.
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Read More on FTNT:
- Fortinet price target raised to $97 from $82 at RBC Capital
- Fortinet price target raised to $90 from $80 at Evercore ISI
- Fortinet price target raised to $95 from $88 at Cantor Fitzgerald
- Fortinet price target raised to $100 from $88 at BMO Capital
- Fortinet price target raised to $104 from $87 at BofA
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
