Mizuho lowered the firm’s price target on Fortinet (FTNT) to $70 from $74 and keeps an Underperform rating on the shares. The firm adjusted targets in large-cap software as part of a Q1 preview. Mizuho’s channel checks were solid overall, with cloud and consumption data points “generally good” and AI adoption remaining “very strong,” the analyst tells investors in a research note. However, cybersecurity demand was mixed, contends the firm. Mizuho’s favorite stocks to own into the Q1 reports are Cloudflare, ServiceNow, and Atlassian.
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