Truist Securities Reiterates Buy Rating on Fortinet (FTNT)

Truist Securities analyst Junaid Siddiqui reiterated a Buy rating and $125.00 price target on Fortinet (NASDAQ: FTNT).

The analyst commented: "Fortinet 1Q25 Earnings Recap: Solid Start; Guidance Assuming Extra Conservatism; FTNT delivered solid 1Q25 results but reiterated FY25 topline guidance to incorporate prudence around macro, which likely disappointed investors (shares down ~12.5% AH). Services revenue also declined QoQ, but services billings were up 14% YoY, and product revenue was up 12% YoY, as enterprises are in the beginning phases of refreshing hardware. Billings strength was driven by SASE and SecOps, which grew 18% YoY and 29% YoY, respectively. We continue to favor FTNT's balanced approach to growth and profitability making FTNT a defensible name long-term, in our view. We adjust our estimates and maintain our $125 PT and our Buy rating."

For an analyst ratings summary and ratings history on Fortinet click here. For more ratings news on Fortinet click here.

Shares of Fortinet closed at $106.72 yesterday.

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