JPMorgan Downgrades Fortinet (FTNT) to Underweight

JPMorgan analyst Brian Essex downgraded Fortinet (NASDAQ: FTNT) from Neutral to Underweight with a price target of $75.00 (from $85.00).

The analyst comments "Facing headwinds as platform consolidation accelerates and competitive positioning weakens. FTNT is well positioned for healthy 4Q results on the back of an industry-wide firewall spending cycle. But as platform consolidation trends continue into 2026 and we lap substantial refresh volume, we see risk to growth ahead as larger platform vendors are better positioned to dominate Fortinet’s markets. As we enter 2026, we believe Fortinet’s growth will remain reliant on the company’s ability to take hardware share as we face the tail end of a spending cycle and demand continues to shift toward cloud-centric architecture. Meanwhile, recent survey results and partner conversations imply little platform recognition for Fortinet across its markets, SASE traction remains reliant on the company’s ability to convert its SD-WAN installed base, and FTNT’s SecOps business screens at the low end of its peer group with partners. We are downgrading FTNT to Underweight to reflect structural challenges ahead, with better opportunities elsewhere in our coverage universe."

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 $82.47 yesterday.

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