Fortinet price target raised to $105 from $85 at Wells Fargo

Wells Fargo raised the firm’s price target on Fortinet (FTNT) to $105 from $85 and keeps an Equal Weight rating on the shares. The firm notes Fortinet traded up after hours, despite a relatively weak organic billings guide for FY25. That said, they are already benefiting from the refresh cycle, which will continue to drive growth higher throughout the year and into next year, Wells adds.