Scotiabank analyst Patrick Colville raised the firm’s price target on Fortinet (FTNT) to $135 from $115 and keeps an Outperform rating on the shares. The company reported a “very solid” billing performance in Q4 and initial 2025 guidance, the analyst tells investors. The firm believes the company’s outperformance this quarter is early evidence Fortinet will be able to capitalize on the large firewall refresh cycle opportunity coming in the next year.
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