Fortinet revenue guidance could miss consensus, says Deutsche Bank

Deutsche Bank says the focus will be on Fortinet’s (FTNT) 2025 guidance as investors look for confidence in the company’s upcoming hardware refresh cycle materializing in sales growth in excess of the 12% mid-term growth target outlined at the November analyst day. With its “more skeptical view” of the industry refresh opportunity and the near-term trajectory of the business still largely driven by hardware firewall, Deutsche Bank sees risk of a below-consensus guide for revenue from Fortinet. This will likely disappoint relative to a stock that’s up 75% since the fiscal Q2 results, the analyst tells investors in a research note. The firm keeps a Hold rating on the shares with an $85 price target