Fortinet price target raised to $71 from $60 at RBC Capital

RBC Capital raised the firm’s price target on Fortinet to $71 from $60 and keeps a Sector Perform rating on the shares. The company’s Q4 results were better than expected, and when looking at product growth and implied guidance vs. prior cycle, the firm sees a potential bottoming for Fortinet in the first half of 2024, the analyst tells investors in a research note.