Roth MKM analyst Catharine Trebnick raised the firm’s price target on Fortinet to $70 from $65 and keeps a Buy rating on the shares after its Q4 earnings beat. The company reported solid results in a challenging macro backdrop and provided better-than-expected revenue and billings guide, the analyst tells investors in a research note. The firm further cites the management indicating that the Fortinet pipeline starting in FY23 exceeds last year’s growth, with growth vectors that include an uptick in firewall use cases, consolidation, and network/security convergence.
Published first on TheFly
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