Stifel analyst Adam Borg downgraded Fortinet to Hold from Buy with a price target of $52, down from $69. The company reported an even weaker quarter than Stifel’s cautious checks suggested and an even messier outlook than last quarter, the analyst tells investors in a research note. The firm thinks Fortinet’s firewall digestion, sales execution, product pivoting, and direct and channel go-to-market changes will take time to play out.
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