The firm kept its Neutral rating despite raising the cybersecurity stock’s target following better-than-expected quarterly results.
Susquehanna raised Fortinet’s price target to $115 from $90 after the company reported solid first-quarter performance and outlook. The adjustment reflects improved market expectations for the cybersecurity provider’s growth trajectory.
Prior to the revision, the target stood at $90, with analysts monitoring Fortinet’s ability to sustain momentum amid competitive pressures. The firm cited the quarter’s results as a key driver for the upward adjustment.
Fortinet shares edged up about 1% following the announcement, indicating modest investor reaction to the revised target and maintained Neutral rating.