Morgan Stanley lowered the firm’s price target on Fortinet to $75 from $80 and keeps an Overweight rating on the shares. Following stronger hardware demand in 2021-2022, the firm’s recent checks suggest a longer digestion period thru 2024, the analyst tells investors. The firm, which models 11% growth 2024, argues that consensus 2024 billings estimate of 15% is “too high.” However, growing share gain, margin expansion and stock buybacks give the firm confidence in a durable 25% EPS compound annual growth rate, which warrants an Overweight rating.
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