Fortinet price target raised to $71 from $66 at Morgan Stanley

Morgan Stanley analyst Hamza Fodderwala raised the firm’s price target on Fortinet to $71 from $66 and keeps an Overweight rating on the shares. Strong share gain within security and networking budgets plus growing operating leverage and buyback should sustain a durable greater than 20% EPS and free cash flow growth into a slowing macro, Fodderwala tells investors in a research note.