Fortinet downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Fortinet (FTNT) to Market Perform from Outperform without a price target The stock is up nearly 70% since the company’s billings growth broke even in Q2, and Raymond James is now forced to reevaluate its view as expectations for a “supercycle” in network security “are increasingly becoming part of the narrative,” the analyst tells investors in a research note. The firm says a firewall “supercycle” call is too early while its non-firewall product checks “are lackluster.” Following the recent rally, Fortinet trades above its historical valuation, the analyst tells investors in a research note.