UBS analyst Roger Boyd raised the firm’s price target on Fortinet to $67 from $54 and keeps a Neutral rating on the shares. Billings guidance for CY23 was the highlight of the quarter, and the positive outlook helps dispel a significant bear thesis for CY23, the analyst tells investors in a research note. With an expected high-teens billings exit rate from CY23, UBS sees attention gravitating towards durability of 20%+ growth through CY25.
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