Fortinet price target raised to $80 from $70 at Jefferies

Jefferies raised the firm’s price target on Fortinet to $80 from $70 and keeps a Buy rating on the shares. The firm’s checks indicate stable Q1 fundamentals for the security software group, says the analyst, who is "favorable" on Fortinet given what the firm calls "a reasonable setup" coupled with strong survey and field work. The firm believes can meet expectations of 20% year-over-year growth after 43% growth in Q4, though it adds that "upside will be more measured" and it would expect a "prudent update" to 2023 billings guidance.