Morgan Stanley analyst Hamza Fodderwala lowered the firm’s price target on Fortinet to $69 from $73 and keeps an Overweight rating on the shares. Following recent softer checks and the firm’s latest survey results, the firm is slightly more negative on Fortinet into Q2 results, the analyst tells investors in a preview. The latest conversations suggest that Networking continues to be an area of weakness, with a material firewall refresh unlikely until mid-late 2025, notes the firm, which lowered its FY24 product revenue by 5% and now models a 10% year-over-year product revenue growth decline.
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