Shares of cybersecurity company Fortinet (FTNT) could race higher. All thanks to bullish analysts. Mizuho, for example, just raised its price target to $74 from $68, with a buy rating. Jefferies just raised its target to $80 from $70, with a buy rating. And just thig morning, Truist started the FTNT stock with a buy rating thanks to its approach to growth and profitability with a price target of $82 a share.
“According to an analysis by Cybersecurity Venture, the global annual cost of cybercrime could top $8 trillion in 2023,” as noted by Fox News. “That number could even underestimate the problem, according to numbers from Security Intelligence, who estimated that U.S.-based financial institutions alone lost close to $1.2 billion in ransomware attacks in 2021, an almost 200% increase over the previous year. If that rate increases simultaneously, global losses from cybercrime could be as high as $16 trillion in 2023.”