Fortinet downgraded on ‘more subdued’ channel checks at Mizuho

Mizuho analyst Gregg Moskowitz downgraded Fortinet to Neutral from Buy with an unchanged price target of $60. The analyst remains confident the company is "very well positioned" within network security and that it will continue to take market share. However, recent channel checks were "more subdued" than expected and elevated macro challenges could exert more pressure on Fortinet’s ability to execute consistently, the analyst tells investors in a research note. As such, the firm believes the company’s upside drivers to billings over the next two years could be limited.