Morgan Stanley analyst Hamza Fodderwala upgraded Fortinet to Overweight from Equal Weight with a price target of $69, up from $66. The market “materially underestimates” Fortinet’s secular growth and share gains in an expanding total addressable market across security and networking, Fodderwala tells investors in a research note. The analyst says demand for security “remains durable in an uncertain macro as corporates invest to bolster their defenses against rising threats.” Fodderwala sees “meaningful upside” to consensus estimates and believes Fortinet has a highly attractive capital return and free cash flow valuation.
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