Fortinet’s Strategic Shift and Balanced Outlook: Hold Rating Maintained Amid Growth and Transition

Analyst Shaul Eyal of TD Cowen maintained a Hold rating on Fortinet, reducing the price target to $100.00.

Shaul Eyal has given his Hold rating due to a combination of factors including Fortinet’s recent financial performance and strategic direction. The company reported a 14% year-over-year increase in total revenue for the third quarter of 2025, slightly surpassing consensus expectations. Product revenue showed a notable growth of 18%, which was also above market predictions. However, services revenue did not meet expectations, indicating some areas of concern.
Despite the positive growth in certain segments, Eyal notes that the shift in focus towards SASE and SecOps solutions requires patience, as these areas are still developing. While the company has introduced innovative solutions like the Secure AI Data Center, the overall narrative is transitioning away from the refresh cycle, which may impact short-term performance. Consequently, Eyal maintains a Hold rating, reflecting a balanced view of the company’s potential and current market conditions.

Eyal covers the Technology sector, focusing on stocks such as Okta, Cellebrite DI, and Fortinet. According to TipRanks, Eyal has an average return of 25.5% and a 66.94% success rate on recommended stocks.