** 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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