Wells Fargo analyst Andrew Nowinski raised the firm’s price target on Fortinet to $72 from $62 and keeps an Overweight rating on the shares. The firm notes Fortinet reported a good quarter, though the stock traded up 13% after hours due to better-than-expected guidance for 2023. Demand is proving to be much more resilient than the Street was expecting, coupled with strong profitability and free cash flow, Wells says.
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Published first on TheFly
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