Fortinet price target lowered to $85 from $115 at Scotiabank

Scotiabank lowered the firm’s price target on Fortinet (FTNT) to $85 from $115 and keeps an Outperform rating on the shares. The company’s Q2 results were generally good, but revenue targets for FY25 have not increased and management commentary on the refresh cycle for firewall in 2026 “spooked” the firm, the analyst tells investors.