BTIG analyst downgrades Fortinet on increased appliance refresh concerns
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BTIG Analyst Gray Powell downgraded Fortinet (FTNT) to Neutral from Buy, and removed the previous $62 price target, onÂ increased appliance refresh concerns.
According to the analyst, there are increased concerns on firewall refresh delays in 2023, and FTNT is the most exposed to this risk.
The cybersecurity solutions company's growth could decelerate at a faster-than-expected pace over the course of 2023, according toÂ Powell. But, no calls were made on the company's Q4 results at this time.