Barclays reaffirms $85 stock price target on Fortinet, sees upside By Investing.com
On Monday, Barclays reaffirmed its Equal-weight rating on Fortinet (NASDAQ:), with a continued price target of $85.00.
The firm’s analysis suggests that Fortinet’s third-quarter billings could reach the higher end of the provided guidance range. This potential is attributed to gains in market share and a return to normal hardware patterns, while services billings remain sub-seasonal if mergers and acquisitions (M&A) are excluded, indicating possible upside.
The analyst anticipates that a strong performance in the third quarter will be reflected in Fortinet’s full-year 2024 billings guidance. Despite this, there’s a belief that the implied 27% year-over-year growth for the fourth quarter may be overly optimistic, given the stock’s…
