RBC Capital lowered the firm’s price target on Fortinet to $55 from $68 and keeps a Sector Perform rating on the shares. The company’s Q3 results were mixed as it exits several years of more robust rates of growth, the analyst tells investors in a research note. Investment is being shifted towards faster growing areas, though over the near-term, growth is likely to be more modest with 25% operating margins and potential for a return to mid-to-high teens growth over time, the firm added.
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