Wedbush lowered the firm’s price target on Fortinet (FTNT) to $100 from $120 and keeps an Outperform rating on the shares. The firm notes the company reported its Q2 results with the top-line coming in-line with Street expectations and a strong beat at the bottom line, while raising its FY25 guidance across the board as the company saw solid billings performance driven by unified SASE and SecOps which was overshadowed by lackluster commentary about the firewall refresh cycle as the company is already 40% to 50% through the 2026 upgrade cycle and its 2027 cohort comes in at a lower price point.
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Read More on FTNT:
- Fortinet price target lowered to $95 from $125 at Truist
- Fortinet price target lowered to $85 from $95 at Stifel
- Fortinet’s Growth Prospects and Challenges: Analyst Maintains Hold Rating Amid Market Uncertainties
- Fortinet downgraded to Neutral from Buy at Rosenblatt
- Fortinet downgraded to Hold from Buy at TD Cowen