Robert W. Baird analyst Shrenik Kothari has maintained their neutral stance on FTNT stock, giving a Hold rating today.
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Shrenik Kothari has given his Hold rating due to a combination of factors related to Fortinet’s recent financial performance. The company reported strong product revenue that exceeded expectations, which helped offset weaker service revenue figures. Despite this positive aspect, the guidance for service revenue was slightly lowered at the midpoint, reflecting a cautious outlook.
Additionally, while Fortinet’s billings and total revenue guidance were slightly raised, the growth rates for RPO and cRPO showed a deceleration compared to the previous quarter. The company demonstrated robust growth in specific segments like Unified SASE and SecOps, but the overall financial outlook remains mixed. These factors contribute to a balanced view, justifying a Hold rating as the potential for upside is tempered by areas of concern.
In another report released today, Roth MKM also maintained a Hold rating on the stock with a $90.00 price target.