Keeping a Perform rating on Fortinet (FTNT), Oppenheimer says the firm’s checks indicated stable FW share dynamics in Q4 2025 but a declining 2026 EoS refresh opportunity. Therefore, the firm maintains an in-line stance on Q4 2025 but lowers its 2026 product and services revenue growth outlook. Oppenheimer expects continued Services deceleration through the first half of 2026 before accelerating in the second half of the year. Positively, it sees potential for improvement in SASE growth rates near term, as Lacework stabilizes. Overall, the firm still views Fortinet as a mixed story.
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