TD Cowen Calls Fortinet, Inc. (FTNT)’s Valuation Reasonable at Current Levels

We recently compiled a list of the 20 Most Profitable Stocks of the Last 20 Years. The next stock on our list is Fortinet, Inc. (NASDAQ:FTNT).

TheFly reported on January 23 that TD Cowen analyst Shaul Eyal upgraded FTNT to Buy from Hold with an unchanged price target of $100. The firm’s channel checks indicate stability throughout fiscal 2026, with upside potential for Q4 billings and revenue, and the possibility that the company’s 11.6% billings estimate for 2026 could be revised higher. Eyal noted that artificial intelligence is “not eating security software but rather augmenting it” and described Fortinet’s current valuation as “reasonable.”

Similarly, on the same day, on January 23, Oppenheimer maintained its Perform rating on Fortinet, Inc. (NASDAQ:FTNT). The firm noted that while firewall share dynamics were stable in Q4 2025, the 2026 End-of-Service (EoS) refresh opportunity is declining. Oppenheimer consequently reduced its forecast for the growth of product and services revenue in 2026 and anticipates that services would slow down in the first half of 2026 before picking up speed in the second. The company described Fortinet as a “mixed story” overall and noted that SASE growth should improve in the near future as Lacework stabilizes.

Fortinet, Inc. (NASDAQ:FTNT) is a U.S. cybersecurity and network security company that develops and sells integrated security solutions, such as firewalls, endpoint protection, and threat detection, to protect enterprises, service providers, and government organizations worldwide.

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Disclosure: None.