Piper Sandler sees IT spending boost in 2025; upgrades Fortinet

Atlassian

06/01/2025 10:19

** 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   $35         $32
 Inc                     
  CFLT.O                 
 ServiceNow  $1,200      $1,000
 Inc                     
  NOW.N                  
 Varonis     $50         $55
 Systems                 
  VRNS.O                 
 

 (Reporting by Joel Jose in Bengaluru)
 ((joeljose@thomsonreuters.com))