Citigroup has reduced Fortinet's price target from $110.00 per share to $85.00 per share. Additionally, Fortinet's rating has been maintained at 'Neutral' by Citigroup.
$Fortinet(FTNT)$ Fortinet dropped after earnings even though they beat on EPS and revenue. The reason? Management said the firewall upgrade cycle is already 40–50% done, and analysts worry growth will slow from here. A bunch of downgrades followed, pushing the stock down hard. Bear view: growth from firewalls may be peaking, valuation still not cheap, and short-term price action looks weak. Bull view: fundamentals are strong, cybersecurity is a secular growth story, and analyst targets still range up to $126 (+50% upside). Near term it may chop around $75–85. But if you’re looking beyond a few quarters, this could be a chance to load up while sentiment is low.
$Fortinet(FTNT)$ Fortinet dropped after earnings even though they beat on EPS and revenue. The reason? Management said the firewall upgrade cycle is already 40–50% done, and analysts worry growth will slow from here. A bunch of downgrades followed, pushing the stock down hard. Bear view: growth from firewalls may be peaking, valuation still not cheap, and short-term price action looks weak. Bull view: fundamentals are strong, cybersecurity is a secular growth story, and analyst targets still range up to $126 (+50% upside). Near term it may chop around $75–85. But if you’re looking beyond a few quarters, this could be a chance to load up while sentiment is low.