Fortinet (FTNT) PT Lowered to $100 at Jefferies

Jefferies analyst Joseph Gallo lowered the price target on Fortinet (NASDAQ: FTNT) to $100.00 (from $105.00) while maintaining a Hold rating.

The analyst comments "Billings was modestly better than cons (13.5% vs cons 11.4%) although below elevated investor expectations. Prod rev growth of 12% yoy exceeded cons while services growth of 14% yoy missed cons 16% & surprisingly declined qoq raising questions on sustainability of growth post refresh cycle. 2025 billings guide was maintained despite the 1Q beat as significant customer uncertainty remains (particularly SMB). Shares AH trade at 29x EV/'26E FCF vs large-cap 29x."

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