Fortinet price target raised to $80 from $60 at Truist

Truist analyst Junaid Siddiqui raised the firm’s price target on Fortinet to $80 from $60 and keeps a Buy rating on the shares. The company delivered “solid” Q4 results, with billings outperformance being driven by improved sales execution and early returns on its pivot to SASE and SecOps, the analyst tells investors in a research note. Truist is positive on Fortinet’s balanced approach to growth and profitability, making Fortinet a “defensible name long-term”.