Bernstein analyst Peter Weed lowered the firm’s price target on Fortinet (FTNT) to $94 from $111 and keeps a Market Perform rating on the shares. The firm notes Fortinet’s Q1 earnings came in at consensus, but this could feel a bit disappointing relative to recent beats throughout 2024 that ranged from 1%-2% a year ago in Q1-Q3 to a 4% beat in Q4 2024. Certainly, Q4 was a strong result, and 4% might not be sustainable, but what further dampened the quarter were some signals of softness that seemed to remain harder for management to offer confidence around, Bernstein adds.
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Read More on FTNT:
- Fortinet’s Financial Outlook: Hold Rating Amidst Growth Uncertainty and Macroeconomic Risks
- Fortinet’s Strong Financial Performance and Strategic Positioning Justify Buy Rating
- Fortinet price target lowered to $95 from $105 at Wells Fargo
- Fortinet’s Temporary Challenges and Strong Growth Prospects Justify Buy Rating
- Fortinet price target lowered to $115 from $120 at KeyBanc
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