What’s Holding Analysts Back on Fortinet (FTNT) Despite a Target Hike

FTNT -4.05%

Fortinet, Inc. (NASDAQ:FTNT) is one of the 10 Trending AI Stocks According to Analysts. BMO Capital remains measured in its outlook following Fortinet’s Q4 2025 earnings. On February 9, firm analyst Keith Bachman raised the price target on the stock to $95.00 (from $90.00) while maintaining a “Market Perform” rating. The firm has noted upside in billings & SASE traction but remains cautious on services revenue growth.

According to the firm, Fortinet delivered upside to consensus across key metrics excluding services revenue growth. It noted that management’s fiscal year 2026 billings growth guidance of 13% year-over-year surpassed the consensus estimate of 11%, likewise a positive surprise for investors.

Looking ahead, BMO Capital anticipates potential upside to topline estimates, expecting Fortinet to gain additional traction in the Secure Access Service Edge (SASE) market. However, the firm has expressed its disappointment related to services growth, demanding an improvement for holding a more constructive outlook.

“To move to a more constructive stance on the shares, we need conviction that services revenue growth can improve. We maintain our Market Perform rating and raise our target price to $95.”

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Fortinet, Inc. (NASDAQ:FTNT), a cybersecurity company, provides enterprise-level next-generation firewalls and network security solutions, leveraging artificial intelligence across its cybersecurity products.

While we acknowledge the potential of FTNT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.