Barclays lowered the firm’s price target on Fortinet to $50 from $63 and keeps an Equal Weight rating on the shares. Fortinet missed Q3, the firm pointed out in a research note of Friday, adding that it goes to 5% billings growth in FY24, assuming acceleration in FY25. Barclays also keeps EBIT margins flat, which gets the firm to $2B in FY25 free cash flow, with 18-times multiple.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on FTNT:
- FTNT vs. PANW: Which Cybersecurity Stock is the Better Buy Now?
- Uber upgraded, Fortinet downgraded: Wall Street’s top analyst calls
- Fortinet price target lowered to $60 from $70 at Wells Fargo
- Fortinet downgraded to Market Perform on declining demand at William Blair
- Fortinet price target lowered to $55 from $70 at UBS