BMO Capital analyst Keith Bachman raised the firm’s price target on Fortinet to $75 from $67 but keeps a Market Perform rating on the shares. The analyst states that after attending the company’s Accelerate 2023 Conference, the firm is "encouraged" that Fortinet’s partners indicated that demand has remained steady despite a concerning macro backdrop. BMO notes that it stills harbor concerns that 2023 will be a challenging firewall year compared to 2022, but Fortinet seems to be maintaining a steady rate of growth, helped by success outside of the data center.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on FTNT:
- Fortinet expands Fortinet Security Fabric
- Fortinet announces unified management, analytics across secure networking
- Fortinet Expands its NSE Certification Program to Address Evolving Cybersecurity Skillset Needs
- Fortinet Unveils New Real-Time Response and Automation Capabilities Across its Security Fabric, Empowering CISOs to Build a Self-Defending Ecosystem
- Fortinet expands NSE Certfication Program