Fortinet downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Meta Marshall downgraded Fortinet (FTNT) to Underweight from Equal Weight with a price target of $67, down from $78. The firm believes the company’s consensus estimates for out year growth need to come down, likely pressuring the stock. Disappointment in Fortinet’s core firewall refresh will overwhelm the investment story in the near term, the analyst tells investors in a research note. Morgan Stanley believes the maturity of the company’s firewall refresh opportunity is not appropriately reflected in 2026 and 2027 Street estimates, providing a headwind to the shares.