Cantor Fitzgerald Reiterates Neutral Rating on Fortinet (FTNT)

Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated a Neutral rating and $185.00 price target on Fortinet (NASDAQ: FTNT).

The analyst comments "Our investment stance remains unchanged heading into 3Q26 earnings. We stay positive on the long-term outlook, supported by Fortinet's integrated platform, single OS architecture, and ASIC-driven performance, but see less room for further multiple expansion at current levels. Our checks point to solid demand in line with 2Q26. Of 21 partners surveyed, 48% exceeded plan versus 53% in 2Q26, 38% came in line versus 26%, and 14% fell below plan versus 21%. We view the checks as consistent with another 5%+ revenue beat versus FactSet consensus. With Fortinet trading at ~16.4x FY26E EV/Sales versus a peer median of ~8.9x, we believe a strong beat + raise is already priced in. On the call, our focus is on FY27 growth durability and the 4Q guide, given current implied 4Q product growth of ~12% looks quite conservative. We maintain our Neutral rating and our 12-month price target of $185 on AI-driven product demand."

For an analyst ratings summary and ratings history on Fortinet click here. For more ratings news on Fortinet click here.

Shares of Fortinet closed at $179.99 yesterday.

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