Stock Track | Fortinet Soars 5.02% Intraday on Strong Q1 Earnings Beat and Multiple Analyst Price Target Increases

Stock Track05-09

Fortinet's stock surged 5.02% intraday on Friday, continuing its strong performance following the company's recent earnings report.

The cybersecurity firm reported first-quarter results that significantly exceeded expectations, with adjusted EPS of $0.82 beating consensus estimates by 32.26% and revenue of $1.850 billion surpassing forecasts. Additionally, Fortinet raised its full-year guidance, now expecting adjusted EPS in the range of $3.10 to $3.16, well above prior analyst consensus.

The positive momentum was further supported by multiple analyst firms raising their price targets on the stock. Citi increased its target to $115 from $90, Barclays raised its target to $115 from $88, and HSBC adjusted its target to $98 from $84, reflecting growing confidence in the company's outlook.

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