Jefferies analyst Joseph Gallo raised the firm’s price target on Fortinet to $70 from $65 and keeps a Buy rating on the shares, calling the company’s 2023 billings growth guidance "much better than feared." Results "climbed the wall of worry" and management "appears very comfortable" with guidance, said the firm, which likes Fortinet’s "rare combo" of 30% growth and 20%-plus GAAP profitability.
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Published first on TheFly
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