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Fortinet cut on positioning, hardware reliance

Mar. 17, 2020 11:35 AM ETFTNT, ZSBy: Brandy Betz, SA News Editor2 Comments
  • D.A. Davidson cuts Fortinet (NASDAQ:FTNT) from Buy to Neutral and trims the target from $140 to $90.
  • Analyst Andrew Nowinski says Fortinet isn't as well-positioned to "weather the storm" as some of its cybersecurity peers.
  • The analyst notes that FTNT's portfolio centers around the firewall, which isn't a necessary upgrade for businesses right now.
  • Nowinski: "Ultimately the company is still a hardware vendor with long sales cycles and complex implementations."
  • The analyst's top pick in the sector is Zscaler (NASDAQ:ZS).
  • Fortinet shares are up 4.6% to $79.19, climbing up from yesterday's pullback. The company has a Bullish average Sell Side rating.

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