Fortinet (FTNT) Stock: $353 Price Target And Overweight Rating

By Amit Chowdhry ● May 15, 2022
  • The shares of Fortinet Inc (NASDAQ: FTNT) have received a $353 price target from KeyBanc. These are the details.

The shares of Fortinet Inc (NASDAQ: FTNT) have received a $353 price target from KeyBanc. And KeyBanc analyst Michael Turits is maintaining an Overweight rating on the shares.

Turits adjusted the rating following the 2023 analyst day at the Accelerate user conference. And Turits noted that a target given early in the day of $10 billion in billings in 2025 from a guide of $5.5 billion in 2022 allays concerns that 2022 growth, boosted by price increases, backlog runoff, and potential early/double ordering, might rapidly slow in 2023. 

At the Accelerate event, Fortinet outlined its opportunities around the convergence of networking and security and the consolidation of security spending around a smaller number of vendors. And while largely at a high level, Turits believes messaging addressed investor interest in Fortinet’s opportunity beyond its core platform in network security to areas including Zero Trust and Cloud Security.

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