Scotiabank downgrades Fortinet on less share optimism for 2026

Scotiabank analyst Patrick Colville downgraded Fortinet (FTNT) to Sector Perform from Outperform with an unchanged price target of $85. Following a quantitative analysis and recent chief information security officer checks, the firm is less optimistic on the shares in 2026. Scotiabank has a “hard time seeing” what will drive Fortinet’s growth upwards in 2026 and “get fresh investor money to revisit the name,” the analyst tells investors in a research note. It believes the company’s upward cycle is “likely close to cresting.”