JPMorgan downgraded Fortinet (FTNT) to Underweight from Neutral with a price target of $75, down from $85. The company is facing headwinds as platform consolidation trends continue into 2026, the analyst tells investors in a research note. JPMorgan sees risk to Fortinet’s growth, saying larger platform vendors are better positioned to “dominate” the company’s markets. It believes Fortinet’s growth will remain dependent upon the company’s ability to take hardware market share. As such, the firm sees better share upside opportunities elsewhere in the sector.
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