Fortinet price target lowered to $85 from $90 at Piper Sandler

Piper Sandler lowered the firm’s price target on Fortinet (FTNT) to $85 from $90 and keeps a Neutral rating on the shares. The firm notes quarterly results were solid, but services disappointed and were lowered for the 3rd consecutive quarter due to subscription attach timing and Lacework churn. Product growth impresses, and management holds to a bullish outlook for 2026 and beyond, but Fortinet remains in the “show me” story as comps get more difficult moving forward and historical aspects of longer-term guidance have had a propensity of falling short. While margins hit an all-time Q3 high in the quarter, the discussion of peak margins creeps into the narrative as growth is clearly the focal point, adds the firm.