KeyBanc analyst Eric Heath downgraded Fortinet (FTNT) to Sector Weight from Overweight without a price target The company reported a “mixed” Q2 report and offered “sobering comments” on the refresh cycle going forward, the analyst tells investors in a research note. The firm says Fortinet announced that it is already 40%-50% of the way through the 2026 end-of-service refresh cohort, while also down-ticking on the 2027 refresh cohort. KeyBanc sees potential margin compression going forward and a tough setup for the shares in 2026.
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