Fortinet initiated with a Buy at HSBC

HSBC initiated coverage of Fortinet with a Buy rating and $75 price target. The analyst says the U.S. technology sector is experiencing tailwinds that will bolster operating performance for some companies, but not all. The firm sees promise for artificial intelligence, buy says the timing is uncertain, while demand for cloud and digital transformation remains strong. HSBC prefers companies that are at “critical stages of their operations with their leveraged operating models poised to deliver better operating performances than peers given strong demand.”