Fortinet price target raised to $85 from $60 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Fortinet to $85 from $60 and keeps a Buy rating on the shares. The company reported “strong” Q4 billings, with upside attributed to a few large deals that were not in guidance and better sales force execution, the analyst tells investors in a research note. The quarter helps refute the bear case on two key points, namely whether Fortinet’s SASE strategy can be successful and whether the worst of the cyclical correction is over, the firm added.