Fortinet price target lowered to $85 from $100 at Jefferies

Jefferies lowered the firm’s price target on Fortinet (FTNT) to $85 from $100 and keeps a Hold rating on the shares. The company’s Q2 billings beat consensus estimates but the mix was disappointing with hardware better and services worse than expected, the analyst tells investors in a research note. Jefferies says that while the earnings report “wasn’t as terrible” as the share pullback indicates, the print raised doubts on the durability of Fortinet’s growth. It sees the “ultimate floor” for the shares at $67. The stock in premarket trading is down 20%, or $18.85, to $77.73.