Fortinet price target raised to $122 from $100 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Fortinet (FTNT) to $122 from $100 but keeps a Market Perform rating on the shares. The company reported a solid quarter across the board, helped by an improving firewall market and an early start to large customers’ refresh activity, while its operating margins exceeded consensus by over 500bps, the analyst tells investors in a research note. BMO adds however that it does not find valuation compelling at this juncture.