TD Cowen upgraded Fortinet to Buy from Hold with an unchanged price target of $75. The analyst cites the firm’s “solid” channel checks, which suggest a bottoming cycle for security appliances, for the upgrade. The firm envisions an improved second half of 2024 view for Fortinet based on easy year-over-year comps and views the company as a beneficiary of the on-premise generative artificial intelligence ramp up. It believes the stock’s current valuation offers upside.
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