Fortinet (FTNT) PT Raised to $110 at Cantor Fitzgerald

Cantor Fitzgerald analyst Yi Fu Lee raised the price target on Fortinet (NASDAQ: FTNT) to $110.00 (from $95.00) while maintaining a Neutral rating.

The analyst comments "4Q24 checks better and support an improved demand outlook in 2025, in our opinion. We remain comfortable with our 4Q24 and FY25 revenue/billings/EPS estimates ahead of FactSet consensus (see Exhibit 1). While we like the efforts to build out a platform approach, we think Fortinet is still early in its SASE/SecOps journey, and while product refresh is coming back, estimates largely reflect this opportunity, in our opinion. As a result, we expect a FY25 top line guide in-line with consensus. We maintain our Neutral rating and increase our PT to $110 to reflect what we see as improving fundamentals for the group in 2025."

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