KeyBanc Lifts Fortinet Price Target Price By 14%

KeyBanc analyst Michael Turits raised the price target on Fortinet Inc FTNT to $370 from $324, implying 11.5% upside, and reiterated an Overweight.
The rating follows vigorous Q3 checks, the expectation for minimal supply chain disruption, and solid VAR survey results.
The analyst notes that his Q3 VAR survey saw an increased percentage of respondents indicating they met or exceeded this quarter's plan.
At the same time, however, there were increased reports of supply chain delays, and expectations for both 2021 and 2022 growth moderated.
Digital transformation focus remains on cloud data management, advanced security, and application modernization, Turits adds.
The analyst also points out that security VARs again indicated robust demand, if with a slightly lower percentage of meets/beats than last quarter and with increasing reports of supply chain constraints.
Price Action: FTNT shares closed lower by 1.01% at $331.91 on Monday.

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