Oppenheimer analyst Shaul Eyal raised his price target for Fortinet to $130 from $110 following checks with 18 VARs across the U.S. and Europe that make him believe Q4 results should comfortably exceed the Street's estimates driven by consistent execution across products and regions; Fortinet's "strong" performance is backed by steady refresh cycle spending resulting in healthy traction for the Security Fabric products, SD-WAN acceleration, and cloud on-ramp demands from all top cloud providers; both F and E-Series appliances are seeing "strong" adoption supported by digital transformation; and that typical seasonality is also a factor this time of the year. The analyst has an Outperform rating on the shares.