.July 11, 2024 03:52:00 PM

Barclays analysts adjusted their price target for Fortinet (NASDAQ:FTNT) to $70 from $75, maintaining an Equalweight rating. They expect Q2 billings to align with guidance, with a 1% year-over-year decline due to tough comparisons. Adjusted for backlog benefits, implied bookings growth is around 2% year-over-year, with mixed insights from checks. Analysts anticipate Fortinet to maintain full 2024-year billings guidance organically, projecting a 10% year-over-year growth in bookings for the second half of 2024. With Fortinet offering SASE for free with FortiAP this quarter, analysts are interested in billings division and impact on renewals. Some vulnerabilities reported, but checks show no significant impact.