Fortinet price target lowered to $90 from $110 at BMO Capital

BMO Capital lowered the firm’s price target on Fortinet (FTNT) to $90 from $110 and keeps a Market Perform rating on the shares. The company delivered a lackluster quarter with few positives to offer, and the management largely downplayed the expected benefit of its FY25 and FY26 refresh cycle, the analyst tells investors in a research note. The firm adds that while there was some upside to billings and revenue growth in the quarter, broader buyside expectations for the year will likely move lower.