Cantor Fitzgerald downgraded Fortinet to Neutral from Overweight with a price target of $50, down from $75. The analyst cites near- to medium-term uncertainty for the downgrade. Fortinet delivered a disappointing set of Q3 results, materially worse than expectations for product revenue growth, the analyst tells investors in a research note. The firm believes the company’s product/appliance headwind situation will take longer than expected to normalize.
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