On Nov 19, major Wall Street analysts update their ratings for $Fortinet (FTNT.US)$, with price targets ranging from $68 to $106.
Morgan Stanley analyst Hamza Fodderwala maintains with a buy rating, and adjusts the target price from $105 to $106.
BofA Securities analyst Tal Liani maintains with a buy rating, and sets the target price at $104.
Barclays analyst Saket Kalia maintains with a hold rating, and maintains the target price at $95.
TD Cowen analyst Shaul Eyal maintains with a buy rating, and adjusts the target price from $90 to $105.
BMO Capital analyst Keith Bachman maintains with a hold rating, and adjusts the target price from $88 to $100.
Furthermore, according to the comprehensive report, the opinions of $Fortinet (FTNT.US)$'s main analysts recently are as follows:
Following a recent analyst day meeting, it was noted that the long-term guidance targets provided by management were supported by the approaching 2026 and 2027 firewall end-of-support cycle and enhanced traction for Unified SASE and Security Operations. Although there was no guidance given for 2025, which introduces some uncertainty regarding the extent of the forthcoming firewall refresh cycle, the three- to five-year targets presented are considered robust, suggesting potential for further upsides.
After attending Fortinet's in-person analyst day, analysts noted the company's emphasis on expanding its platform strategy encompassing Secure Networking, SASE, and SecOps. This strategic direction is mainly driven by the upcoming firewall refresh cycle. Although the mid-term targets align with previous expectations, there appears to be potential for exceeding these targets.
Fortinet's strategy and vision have been clearly defined, showcasing several intrinsic platform strengths that are crucial in leveraging the possibilities within a $284B market opportunity. Despite these factors, there are reservations due to the fact that Fortinet's growth drivers currently represent a minor portion of the overall business mix, coupled with risks linked to competitive pressures that could potentially impact growth and profitability.
The company's medium-term targets are believed to be reasonable, and there is optimism regarding Fortinet's increased investments in SASE/SecOps. Furthermore, there is significance in Fortinet's refresh opportunity projected for 2025, with the company's portfolio and common OS cited as offering competitive advantages, particularly for small and medium-sized organizations.
During its Analyst Day, it was communicated that the company has set new medium-term targets, which were slightly above market expectations. This indicates that the leading vendor in global firewall shipments is expected to continue gaining market share from traditional firewall vendors.
Here are the latest investment ratings and price targets for $Fortinet (FTNT.US)$ from 11 analysts:
Note:
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