BUZZ-Fortinet rises after KeyBanc upgrades to 'overweight'

Reuters12-19
BUZZ-Fortinet rises after KeyBanc upgrades to 'overweight'

** Shares of cybersecurity firm Fortinet FTNT.O rise 2.4% to $95.63 premarket

** KeyBanc Capital Markets upgrades rating on FTNT stock to "overweight" from "sector weight" on industry wide refresh opportunity in 2025

** There is market opportunity for FTNT in the mid-market segment, compared with competitive enterprise market - brokerage

** FTNT will primarily target smaller customers vs. those targeted by big competitors such as Palo Alto Networks PANW.O and Zscaler ZS.O - brokerage

** Brokerage also upgrades digital identity verification firm Okta OKTA.O to "overweight" from "sector weight"

** Brokerage says it is more positive on the outlook for identity security, which focuses on verification of individuals or devices, and firewall, which helps secure corporate boundaries by inspecting network traffic

** Up to last close, stock up ~60% this year

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))

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