Fortinet (FTNT) PT Raised to $90 at UBS

UBS analyst Fatima Boolani raised the price target on Fortinet (NASDAQ: FTNT) to $90.00 (from $80.00) while maintaining a Neutral rating.

The analyst comments "4Q results were mostly positive, led by strong product growth as well as better ELA renewal activity. The CY26 outlook was mostly in-line, with product guided to 10-15% growth (consistent with prior messaging) and 11-14% total billings. The outlook for 33- 36% OpM and mid-high 30% FCFm also struck us as better than some investors had feared, with FTNT suggesting very little margin impact from DRAM prices. While this print addressed many of the key bear concerns (service billings accelerated), the outlook for service revenue growth (~11% y/y, including 2H acceleration) still leaves us cautious on the ability to sustain 12%+ growth on a longer-term basis, especially as the comps get more difficult in 2H26 and 2027. At 22x EV/FCF for LDD topline growth and flat to down margins, we think shares look appropriately priced.'

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