Fortinet price target lowered to $53 from $63 at Deutsche Bank

Deutsche Bank analyst Brad Zelnick lowered the firm’s price target on Fortinet to $53 from $63 and keeps a Hold rating on the shares. The analyst expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals "likely deteriorate further." The firm prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."