Fortinet price target raised to $87 from $75 at BofA

BofA analyst Tal Liani raised the firm’s price target on Fortinet to $87 from $75 and keeps a Buy rating on the shares. Fortinet ended the year on a high note, but “the strong outperformance is both a positive and a negative,” says the analyst. The strong Q4 performance is creating tough comps for 2024 billings, explains the firm, which models billings to grow about 7% by Q4, versus 10% previously. However, it expects Q1 to be the trough and models sequential improvements throughout the year, the analyst added.