Fortinet stock tumbled 23% early Friday dragging other cybersecurity names lower after its earnings and guidance disappointed.
Fortinet’s revenue and billings forecast for the fourth-quarter both fell short of Wall Street’s expectations. “In our view, the current cyclical downturn is likely to be steeper and shorter than the last, which lasted about eight quarters,” Guggenheim analysts led by Raymond McDonough said in a note on Fortinet Friday.” They said that Fortinet’s earnings and guidance suggest a steeper decline, also adding that buying behaviors could limit the recovery in 2024.
Stifel analyst Adam Borg downgraded the stock to Hold from Buy, also lowering his price target to $52 from $69.
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