Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated a Neutral rating and $87.00 price target on Fortinet (NASDAQ: FTNT).

The analyst commented, "We attended Fortinet's user conference, Accelerate, held in Las Vegas from March 9-12. Key takeaways include emphasis on Fortinet’s integrated platform strategy, with management highlighting the advantages of its single OS architecture, ASIC-driven performance, and broadening portfolio. The company also underscored growing traction in SD-WAN and SASE and a view that AI should act as a tailwind by increasing traffic, expanding the threat surface, and driving demand for both infrastructure security and AI-enabled operations. Our customer conversations at the event were consistent with this messaging, with most users highlighting Fortinet’s dependability and planning incremental spend primarily through appliance upgrades and expanded coverage. We reiterate our Neutral rating and maintain our 12-month PT of $87, backed by solid customer feedback, and continued upside from AI, OT, and vendor consolidation trends."

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Shares of Fortinet closed at $83.48 yesterday.