Fortinet (FTNT – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Shaul Eyal from TD Cowen maintained a Buy rating on the stock and has a $135.00 price target.
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Shaul Eyal’s rating is based on Fortinet’s strong financial performance and strategic positioning. The company reported first-quarter billings at the upper end of its guidance, reaching $1.6 billion, which is a 13.5% increase year-over-year and exceeded Wall Street’s estimates. Revenue also grew by 13.8% year-over-year to $1.54 billion, aligning with expectations. This growth is driven by a successful refresh cycle and a shift towards hybrid platforms, which have bolstered profitability.
Additionally, Fortinet’s management has maintained its fiscal year 2025 targets, demonstrating confidence in the company’s future prospects despite macroeconomic uncertainties. The company has shown resilience against potential tariff impacts, with a strong pipeline and robust closure rates. Fortinet is positioned as a leader in network security, and its progress in SD-WAN and SASE technologies further strengthens its market position. These factors, along with a favorable valuation, underpin Eyal’s Buy rating for Fortinet’s stock.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $120.00 price target.
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