Fortinet price target lowered to $65 from $68 at Citi

Citi analyst Fatima Boolani lowered the firm’s price target on Fortinet to $65 from $68 and keeps a Neutral rating on the shares. The firm says its checks and field work on Fortinet over the last four months have consistently surfaced “mixed/negative-leaning” data points, constraining its visibility and conviction on the company’s near- and medium-term growth trajectories. Evidence suggests the industry firewall recovery and hardware digestion cycle risks further protraction, the analyst tells investors in a research note.