Fortinet price target lowered to $68 from $71 at RBC Capital

RBC Capital lowered the firm’s price target on Fortinet to $68 from $71 and keeps a Sector Perform rating on the shares. The company’s Q1 results and outlook were again mixed and likely weighing on the stock over the near-term, though the additional context around slower backlog/billings and the firewall cycle were helpful, the analyst tells investors in a research note. Fortinet Q2 should represent the last of the elevated comps, the firm added.