Fortinet price target raised to $115 from $103 at Stifel

Stifel raised the firm’s price target on Fortinet (FTNT) to $115 from $103 and keeps a Hold rating on the shares following what the firm calls “a solid close to 2024.” FY25 billings guidance was in line with consensus, while revenue guidance was above, notes the analyst, who continues to believe Fortinet is well-positioned to drive double-digit top-line growth and strong free cash flow generation in coming years.