Cybersecurity company Fortinet (FTNT) got some attention on Friday after investment firm TD Cowen upgraded the stock from a Hold to a Buy due to solid business checks. As a result, Fortinet shares rose by about 6% at the time of writing. Interestingly, TD Cowen believes that conditions are more stable than investors currently expect as the company heads into 2026, which helps improve the firm’s confidence in the stock.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
In addition, five-star analyst Shaul Eyal explained that the recent negative sentiment around Fortinet has been driven by several concerns. These include softer feedback from sales channels, rising memory costs, worries that the hardware refresh cycle is slowing, and generally weak enthusiasm toward software stocks. At the same time, some investors simply do not view Fortinet as a full platform provider. However, Eyal disagreed with that view and stated that these fears are overblown. Therefore, he raised his rating to Buy and set a $100 price target.
Looking forward, Eyal said that survey data points to a healthy demand environment for Fortinet’s core products. In fact, network security remains one of the highest priorities in IT budgets, with companies planning to increase spending on firewalls and SASE as they move toward hybrid work setups. Importantly, he added that AI is not replacing security software. Instead, it is increasing the need for stronger security, which could support Fortinet’s growth in 2026.
Is FTNT Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on FTNT stock based on four Buys, 18 Holds, and three Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average FTNT price target of $83.89 per share implies 2.2% upside potential.
