Morgan Stanley lowered the firm’s price target on Fortinet to $60 from $75 and keeps an Overweight rating on the shares following a “material” Q3 billings miss that came along with a lowered FY23 outlook due to macro and sales execution headwinds. Back-to-back guidance cuts “likely hurt credibility and put the stock in penalty box,” but the firm views these challenges as “cyclical, rather than structural,” the analyst tells investors.
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