Fortinet price target raised to $90 from $80 at Scotiabank

Scotiabank raised the firm’s price target on Fortinet (FTNT) to $90 from $80 and keeps an Outperform rating on the shares. The consensus among the channel is that cybersecurity sentiment is improving, with more constructive commentary in Q2 verses last quarter, the analyst tells investors in a research note. The firm says the uptick in sentiment in some cases is already showing up in results, while most are optimistic that enterprise budgets could gradually open through the second half of 2023 and into 2024. It calls out partner strength in Fortinet and Zscaler (ZS) as most pronounced.