Should you sell your Fortinet stock?

In a March 11 note, Roth Capital Partners analyst Taz Koujalgi maintained a “Neutral” rating and $90.00 price target on Fortinet (Fortinet Stock Quote, Chart, News, Analysts, Financials  NASDAQ:FTNT) following the company’s investor briefing held alongside its Accelerate conference in Las Vegas.

Koujalgi said the company highlighted growth opportunities across operational technology security, SASE, SD-WAN and AI security, supported by its integrated platform built on the FortiOS operating system and proprietary FortiASIC chips.

Fortinet estimates its core markets — Secure Networking, Unified SASE and SecOps — represent a combined $310-billion total addressable market. The company said it is gaining share across all three segments, with 2025 billings growth of 12% in Secure Networking, 24% in Unified SASE and 22% in SecOps.

Koujalgi added that rising AI adoption is expanding the cybersecurity attack surface, creating additional demand for infrastructure protection and security software.

Fortinet said its product suite can secure AI infrastructure, models and applications, and pointed to a partnership with NVIDIA Corporation aimed at securing Nvidia’s BlueField-3 data processing units.

The company also reiterated its long-term financial targets from its 2024 Analyst Day, including billings and revenue growth above 12% CAGR over the next three to five years, operating margins above 30%, and free cash flow margins in the mid-to-high 30% range.

 

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Tagged with: FTNT
Tara Whittet

Tara Whittet is Senior Sales Manager at Cantech Letter.

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