Wells Fargo lowered the firm’s price target on Fortinet (FTNT) to $95 from $105 and keeps an Overweight rating on the shares. The firm notes shares traded down 12% after market close as the beat was more hardware-centric and subscription revenue underwhelmed. Since they left the FY25 guidance unchanged due to macro uncertainty, investors are questioning whether billings will actually accelerate in the second half of 2025, Wells adds.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FTNT:
- Fortinet’s Temporary Challenges and Strong Growth Prospects Justify Buy Rating
- Fortinet price target lowered to $115 from $120 at KeyBanc
- Fortinet’s Mixed Q1 Results and Cautious Outlook Lead to Hold Rating
- Fortinet’s Growth Potential: Buy Rating Justified Amidst Challenges and Opportunities
- Fortinet Reports Strong Q1 2025 Financial Results