Why Fortinet Stock Zoomed Almost 5% Higher Today
A price target raise from an analyst was the fuel that powered 's (NASDAQ: FTNT) stock higher at the start of the trading week. The cybersecurity company's shares leaped nearly 5% skyward on the day, well outpacing the 0.2% rise of the S 500 index.
That morning, Morgan Stanley prognosticator Hamza Fodderwala upped his price target on Fortinet stock to $84 per share. That's a nearly 10% lift from his previous level of $77. Fodderwala maintained his recommendation of overweight -- buy, in other words -- on the cybersecurity company's shares.
The analyst's new take on Fortinet came as part of a broader review of the cybersecurity sector. Although he feels the industry is facing a challenging period at the moment, several companies have a good chance of withstanding the headwinds. In addition to Fortinet, Fodderwala also flagged CrowdStrike, Palo Alto Networks, and Check Point Software Technologies as potential outperformers.
Source Fool.com
Fortinet Inc. Stock
The stock is one of the favorites of our community with 34 Buy predictions and 3 Sell predictions.
As a result the target price of 70 € shows a positive potential of 24.64% compared to the current price of 56.16 € for Fortinet Inc..
