KeyBanc Reiterates Overweight Rating on Fortinet (FTNT)

KeyBanc analyst Eric Heath reiterated an Overweight rating and $115.00 price target on Fortinet (NASDAQ: FTNT)

The analyst comments "Following Fortinet's mixed 1Q earnings results & commentary, we caught up with a handful of channel contacts, and the feedback on the month of April and into May has generally been positive. Further, despite the dynamic macro, channel feedback on pipeline and the outlook for the end-of-service refresh opportunity also remains constructive. There were, however, a couple partners that expressed some caution of recent turnover among Fortinet's GTM team that is causing execution to not be as strong as it maybe otherwise could be. Separately, following Fortinet's 10-Q filing, we are lowering our services revenue estimates to now decelerate throughout 2025 as opposed to our prior model that had modest acceleration. As a result, we are now 0.5% below the midpoint of revenue guidance. Our recent channel conversations keep us positive on the broader industry firewall refresh cycle underway, the Fortinet end-of-service refresh opportunity, and Fortinet's differentiated GTM & product strategy to be successful expanding into SASE, if some incremental caution on GTM execution. Reiterate Overweight and $115 price target."

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 $104.75 yesterday.

You May Also Be Interested In