Barclays analyst Saket Kalia lowered the firm’s price target on Fortinet (FTNT) to $90 from $110 and keeps an Equal Weight rating on the shares. The company reported a beat and raised its billings outlook, but it is now 40%-50% through the upgrade cycle, which is farther along than expected given the low-teens product growth this year, the analyst tells investors in a research note.
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Read More on FTNT:
- Fortinet price target lowered to $85 from $100 at Jefferies
- Fortinet’s Growth Prospects Under Scrutiny Amid CY26 Upgrade Cycle Concerns
- Fortinet downgraded to Neutral from Overweight at Piper Sandler
- Fortinet downgraded to Equal Weight from Overweight at Morgan Stanley
- Fortinet downgraded to Sector Weight from Overweight at KeyBanc