Fortinet price target lowered to $94 from $111 at Bernstein

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.