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Morgan Stanley has raised its price target on Fortinet, Inc. to $123 from $113 while maintaining an overweight rating. Fortinet specializes in integrated cybersecurity software and equipment, with net sales comprising 68% services and 32% products, and a geographic distribution of revenue across the U.S. (30.3%), Americas (10.7%), Europe/Middle East/Africa (39.1%), and Asia/Pacific (19.9%).
Hewlett Packard Enterprise (HPE) argues that blocking its $14 billion acquisition of Juniper Networks could inadvertently benefit competitors like Cisco and Huawei, undermining U.S. efforts to limit Chinese technology in critical infrastructure. The Department of Justice's antitrust complaint claims the deal threatens competition in the enterprise WLAN market, but HPE contends it would enhance competition and innovation. Both HPE and Juniper maintain that the DOJ's stance is fundamentally flawed, citing a diverse competitive landscape in wireless networking.
In 3Q 2024, telco network infrastructure vendor revenues reached $49.6B, with Huawei, Ericsson, and Nokia leading the market, accounting for 37.5% of total revenues. Despite a slight quarterly increase, the annualized market saw a 5.6% decline, primarily due to reduced capex forecasts. Tejas Networks and Broadcom reported significant year-over-year growth, driven by strategic developments in India and acquisitions.
Fortinet, Inc. focuses on developing integrated cybersecurity software and equipment to safeguard networks and information systems for both corporate and government entities. Its revenue is primarily derived from services (63.7%) and products (36.3%), with net sales distributed across various regions: the United States (30.3%), Americas (10.7%), Europe/Middle East/Africa (39.1%), and Asia/Pacific (19.9%). UBS has reiterated a neutral rating for the company.
The Dow Jones Industrial Average plunged 600 points, or 1.4%, following a stronger-than-expected December jobs report, which showed 256,000 new jobs and a drop in the unemployment rate to 4.1%. Nvidia's shares fell 4% amid reports of impending restrictions on AI chips, while oil prices surged to their highest since October. Other notable stock movements included Constellation Brands dropping 4.2% and Delta Air Lines rising over 6%.
Intuitive Surgical saw a 0.3% premarket rise, while Tesla's stock dipped 1.7% after a recent surge. Nvidia reached record highs following new AI initiatives unveiled at CES 2025, contributing to a positive trend in the Dow Jones and other major indexes ahead of key employment data. Apple's stock faced a downgrade, impacting its performance, while Microsoft and Amazon also showed slight gains. Notable stocks near buy points include BlackRock, Disney, TSMC, and Fortinet, as the market anticipates the Labor Department's job openings report.
The Dow Jones Industrial Average rose 0.3% as Wall Street awaited key economic data, with Nvidia gaining 3.4% in early trading, attempting to surpass a critical resistance level. Meanwhile, Tesla rebounded slightly after a significant drop, and other major stocks like Amazon and Apple showed mixed performance. The Institute for Supply Management's manufacturing index is anticipated to rise slightly, reflecting ongoing market dynamics.
The stock market saw gains during the Christmas Eve trading session, with the Dow Jones rising over 175 points and the Nasdaq composite up 0.9%. Adtalem Global Education and Fortinet are nearing buy points, while American Airlines faced a temporary grounding of flights due to a technical issue. Major tech stocks like Nvidia and Amazon also showed strength, contributing to the overall positive market sentiment.
The global Healthcare Device Cybersecurity Market is poised for significant growth from 2024 to 2031, driven by increasing demand for security solutions across various applications, including hospital networks and remote patient monitoring. Key players such as Symantec, McAfee, and Palo Alto Networks are actively shaping the competitive landscape, while emerging trends and challenges are analyzed to inform strategic business decisions. Comprehensive regional insights highlight the market's potential across North America, Europe, Asia-Pacific, and beyond.
UBS has raised its price target for Fortinet (FTNT) to $83 from $70 while maintaining a Neutral rating on the shares. The firm's analysis indicates that the company's 3Q results were satisfactory, but the reacceleration in billings and the Q4 guidance are considered somewhat underwhelming, suggesting the shares are fairly valued.
Fortinet, Inc.
Companies
| Symbol | FTNT |
| Name | Fortinet, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | Sunnyvale |
| Zipcode | 94086 |
| Website | http://www.fortinet.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Morgan Stanley raises Fortinet price target to 123 maintains overweight rating
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