On Tuesday, BMO Capital Markets maintained its Market Perform rating on Fortinet (NASDAQ:FTNT) but raised the stock's price target to $100 from the previous $88. The adjustment followed the firm's attendance at Fortinet's 2024 Analyst Day, where the company's medium-term goals were presented.
The analyst from BMO Capital expressed optimism about Fortinet's investment in areas such as SASE/SecOps and noted the significant refresh opportunity anticipated in calendar year 2025. Fortinet's solutions, according to the analyst, are well-suited for small and medium-sized organizations, and the company's portfolio, along with its common operating system, offers competitive advantages.
Fortinet's Point of Presence (PoP) strategy, despite being capital intensive, was also highlighted as an interesting long-term play. The analyst reiterated the Market Perform rating while acknowledging these strategic moves and raising the price target to reflect the company's potential.
Fortinet's Analyst Day provided insights into the company's direction and focus areas, setting the stage for its future endeavors. With the raised price target, BMO Capital Markets signals confidence in Fortinet's ability to execute its strategies and maintain a competitive edge in the cybersecurity market.
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