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Fortinet price target lowered to $65 from $70 at MKM Partners

MKM Partners analyst Catharine Trebnick lowered the firm’s price target on Fortinet (FTNT) to $65 from $70 and keeps a Buy rating on the shares ahead of its Q4 results next Wednesday. The company has made inroads into displacing Cisco (CSCO) security appliances in the midmarket/enterprise, but the CIOs who spoke with the firm indicated that firewall refreshes are slowing as IT executives delay to save on cost and disruption, the analyst tells investors in a research note. MKM Partners adds however that the underlying fundamentals at Fortinet remain healthy, and the company has better visibility with a backlog of over $350M headed into Q4.

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