Piper Sandler downgraded Fortinet (FTNT) to Neutral from Overweight with a price target of $90, down from $135, following the earnings report. The disclosure of Fortinet being 40%-50% of the way through its 2026 renewal cohort will likely shake investor confidence, the analyst tells investors in a research note. The firm believes this “challenged narrative” puts Fortinet in a multi-quarter, “show-me situation,” especially as product compares get more difficult.
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