Scotiabank analyst Patrick Colville maintains $Fortinet (FTNT.US)$ with a buy rating, and adjusts the target price from $75 to $85.
According to TipRanks data, the analyst has a success rate of 52.6% and a total average return of 0.6% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Fortinet (FTNT.US)$'s main analysts recently are as follows:
The company's Q3 billings surpassed expectations; however, future guidance for Q4 was adjusted downwards.
The overall third-quarter results for Fortinet were considered acceptable, yet the reacceleration in billings and the guidance for the fourth quarter were seen as somewhat uninspiring. It is believed that the current valuation of the shares is fitting.
The firm provided a more conservative forecast for billing growth, suggesting a current subdued interest for product updates. Nonetheless, there is an anticipation of a substantial refresh cycle in FY25 that is likely to spur a revival in demand leading up to 2026, influenced by a large number of older FortiGate units approaching their end-of-support timeline.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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