TD Cowen raised its Fortinet (FTNT) price target from $125 to $160. The firm maintained its Buy rating on the cybersecurity stock.
Analysts cited strong positioning in network security, SASE, and security operations markets. The new target suggests a 10% upside from current trading levels.
Artificial intelligence and data center buildouts provide long-term growth tailwinds. Fortinet shares gained over 60% during the last 30 days. This performance follows a strong first-quarter earnings report released in May.