On January 5, Fortinet, Inc. (NASDAQ:FTNT) received rating updates from two financial firms. RBC Capital reiterated a Hold rating on the stock and set a price target of $85. Piper Sandler lifted its price target on Fortinet to $90 from $85 but maintained a Neutral rating on the shares.
Piper Sandler told investors that 2025 was a difficult year for its Security & Infrastructure Software coverage. The average name in this category reflected negative performance, with only four names managing to outperform the NASDAQ. The firm expressed cautious optimism for a better year in 2026, noting that several names entered the year with interesting valuation levels and are well-structured to be longer-term GenAI winners. Piper Sandler believes in these trends despite monetization not yet occurring at scale at the software layer.
The two ratings were issued on the same day Fortinet announced it would release its fiscal fourth quarter and full-year 2025 financial results on February 5.
Fortinet provides cybersecurity solutions to a range of businesses, including government organizations, communication service providers, enterprises, and small to medium-sized businesses. The company's portfolio includes secure access service edge, network security, application security, enterprise networking, and operational technology.