Thursday, 18 April 2024

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Business News

Fortinet’s Strategic SASE Education and Market Position Warrant a Buy Rating – TipRanks Financial Blog

DoorDash price target lowered to $70 from $100 at RBC Capital

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Goldman Sachs analyst Gabriela Borges has maintained their bullish stance on FTNT stock, giving a Buy rating on April 2.

Gabriela Borges has given her Buy rating due to a combination of factors related to Fortinet’s recent developments and market position. Firstly, she notes the significant progress Fortinet has made in educating its client base on Secure Access Service Edge (SASE) technologies and enhancing the quality of its SASE offerings and integrations. This educational push is crucial as it prepares Fortinet’s customers to understand and adopt their evolving product line-up, which indicates a forward-thinking approach to cybersecurity.

Additionally, Borges points to the stabilization of demand trends in the firewall market, suggesting that we might be at or near the bottom of the firewall cycle, which is likely to rebound. The observation that emerging products like Cloud and SecOps are gaining momentum, despite currently being a small part of Fortinet’s business, provides a glimpse into potential future growth areas. Borges believes that these factors, along with other cycle and secular tailwinds, position Fortinet favorably for the upcoming quarters, justifying a Buy rating for the stock.

In another report released on April 2, Robert W. Baird also maintained a Buy rating on the stock with a $81.00 price target.

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Fortinet (FTNT) Company Description:

Founded in 2000, California-based Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions to a variety of business, such as enterprises, communication service providers and small businesses.

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