BMO Capital Downgrades Fortinet (FTNT) to Market Perform

BMO Capital analyst Keith Bachman downgraded Fortinet (NASDAQ: FTNT) from Outperform to Market Perform, PT $57.00 (from $58.00).

The analyst comments "We are downgrading FTNT due to concerns on the strength of the firewall market in CY23, and we are reducing our product revenue estimates for FTNT by 3% in CY23 and 5% in CY24. We offer a scenario analysis based on assumptions for normalized firewall growth that points to incremental C23 product revenue market risk. We are lowering our target price from $58 to $57."

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 $53.09 yesterday.

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