Fortinet price target raised to $70 from $64 at Wedbush

Wedbush analyst Daniel Ives raised the firm’s price target on Fortinet to $70 from $64 and keeps an Outperform rating on the shares. Fortinet reported December results that were generally solid with a slight top-line miss, but beat metrics to the bottom line as the company experienced strength in its product offering and overall business, the firm says. Coming off of a shaky backdrop in this space, the Street had a large focus on guidance ahead and how sales cycles/overall performance will be heading into the new year as Fortinet is effectively a large barometer for cyber security spend in the industry. To this extent, Fortinet was able to provide a much stronger than expected 2023 guide, showing strength in the Fortinet offering with strong use cases and a solid billings guide that should send the bears back into hibernation mode, Wedbush argues.