Fortinet downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Fortinet (FTNT) to Hold from Buy with a price target of $105, down from $135, post the Q2 report. While the company’s second half of 2025 billings guidance was raised by one point to 15% year-over-year, the current refresh cycle at 50% attainment creates uncertainty of core appliance growth once the cycle is complete in 4-6 quarters, the analyst tells investors in a research note. TD believes Fortinet shares could be range bound in the back half of the year until non-firewall growth inflects higher.