Truist raised the firm’s price target on Fortinet (FTNT) to $125 from $105 and keeps a Buy rating on the shares. The company’s Q4 results were “solid” as Product revenue was up 18% y/y – the highest growth rate in 6 quarters – as enterprises start their purchasing of refreshes, the analyst tells investors in a research note. Fortinet’s billings outperformance was also driven by improved sales execution and traction in its SASE and SecOps pillars, Truist added.
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