BUZZ-Piper Sandler sees IT spending boost in 2025; upgrades Fortinet
Piper Sandler says 2025 sets up for improved IT spending trends
Says the firewall cycle is set to ramp up significantly in 2025; adds, cybersecurity co Fortinet FTNT.O is the "best way to play the firewall refresh in 2025"
Brokerage upgrades FTNT to "overweight" from "neutral" and raises PT to $120 from $100; shares up 2.91% premarket
Brokerage notes that generative AI implementation is expected to rise significantly in 2025, benefiting infrastructure providers
Expects enterprise software developer Atlassian Corp's TEAM.O cloud services to continue outperforming due to ongoing enterprise migrations; raises PT to $310 from $265
Piper Sandler revises PT for other security and infrastructure software co's as follows:
Company | Current PT | Previous PT |
Confluent Inc CFLT.O | $35 | $32 |
ServiceNow Inc NOW.N | $1,200 | $1,000 |
Varonis Systems VRNS.O | $50 | $55 |
(Reporting by Joel Jose in Bengaluru)
((joeljose@thomsonreuters.com))
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