03:35 PM EDT, 04/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target to $77 from $76 on a forward P/E multiple of 45x, above its one-year average. We increase our 2024 EPS forecast to $1.72 from $1.69 and keep 2025's at $1.91. While we expect firewall orders to remain depressed, we think they could bottom out in Q1. We also expect the potential for FY 24 revenue to exceed current expectations, driven by FortiSASE demand and growing enterprise interest in the SecOps business. FTNT is well positioned to benefit from its firewall installed base, which remains one of the largest in the industry. Ongoing investments, including in infrastructure and R&D, to produce a single-OS SASE solution, while leveraging its ASIC, drive a performance advantage relative to other vendors. Additionally, we view product consolidation as a favorable trend for FTNT, as momentum for SecOps products is building across the industry at a high cadence. Recent contraction in the multiple and price also creates a more attractive risk-reward profile, in our view, leading to our upgrade.