Shares of Fortinet (NASDAQ:FTNT) are down today, which can be attributed to an analyst downgrade. Gregg Moskowitz of Mizuho Securities changed his rating from Buy to Hold while maintaining a price target of $60
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Moskowitz believes that the company has little room for error when it comes to execution, given the macroeconomic slowdown. In addition, he noted that Fortinet customers were more subdued than expected after conducting recent checks.
Overall, Wall Street analysts have a consensus price target of $65.56 on FTNT stock, implying over 21% upside potential, as indicated by the graphic above.
