RBC Capital analyst Dan Bergstrom raised the firm’s price target on Fortinet to $68 from $57 and keeps a Sector Perform rating on the shares after its Q4 results. The quarter is likely to be viewed positively, and the company’s outlook was better than many investors had expected, providing a clearer picture around billings, product and service growth rates, the analyst tells investors in a research note. The firm adds that Fortinet’s conservative backlog assumptions should result in a low single-digit tailwind to billings growth and help move the narrative beyond the metric.
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Published first on TheFly
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