Loop Capital analyst Fahad Najam raised the firm’s price target on Fortinet (FTNT) to $80 from $66 and keeps a Buy rating on the shares after its Q4 earnings beat earlier this week. The quarter highlighted that cybersecurity IT, in particular, on-prem firewall spending, remains resilient in the face of increasing macroeconomic uncertainty, the analyst tells investors in a research note. The firm adds that the key question for Fortinet investors is how conservative is the management’s outlook as the company is clearly demonstrating that it is taking market share against Cisco (CSCO) and Check Point (CHKP).
Published first on TheFly
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