BTIG analyst Gray Powell downgraded Fortinet to Neutral from Buy without a price target. The analyst has increased appliance refresh concerns following channel checks. He has consistently heard increased concerns on firewall refresh delays in 2023 from contacts who have a view on large enterprise spending. Fortinet is most exposed to this risk, Powell tells investors in a research note. He sees potential for the company’s growth to decelerate at a faster than expected pace over the course of 2023.
Published first on TheFly
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