Fortinet downgraded to Hold from Buy at Jefferies

Jefferies downgraded Fortinet to Hold from Buy with a price target of $65, down from $85. The firm continues to remain favorable on Fortinet’s longer term position as a cyber platform, but it expects the company’s “hardware digestion” to last at least several quarters. This, coupled with small business/midmarket demand being weaker than enterprise, will mitigate Fortinet’s upside in the near term, the analyst tells investors in a research note.