Fortinet price target lowered to $88 from $95 at Truist

Truist lowered the firm’s price target on Fortinet (FTNT) to $88 from $95 and keeps a Buy rating on the shares as part of a broader research note previewing Q4 for Cybersecurity names. Companies in the firm’s coverage should report a strong calendar Q4 and take a conservative posture for guidance, so that model setups could drive a continued beat-and-raise cadence for 2026, the analyst tells investors in a research note. Conversations with IT budget holders and software sellers indicate demand and the macro environment remains unchanged, with continued momentum in Security & AI initiatives, the firm added. Truist notes however that software equities have entered 2026 under pronounced pressure as investors rotate toward AI hardware, also pointing to concerns about AI-driven competitive disruption, slow monetization of AI features, higher-for-longer interest rates, and acute geopolitical shocks converge across the sector driving the IGV – iShares Expanded Tech-Software Sector ETF – down about 7% just in the first couple of weeks of trading.