Fortinet price target raised to $115 from $97 at RBC Capital

RBC Capital raised the firm’s price target on Fortinet (FTNT) to $115 from $97 and keeps a Sector Perform rating on the shares after its Q4 earnings beat. The quarter was good and provided additional context around the upcoming refresh opportunity, with the firm also positive on the company’s early large enterprise upgrade momentum in the quarter, go-to-market initiatives to lean into the opportunity, and potential upsell around SASE, SecOps, access points and switches going forward, the analyst tells investors in a research note.