Fortinet price target lowered to $70 from $80 at Truist

Truist analyst Junaid Siddiqui lowered the firm’s price target on Fortinet to $70 from $80 and keeps a Buy rating on the shares. The stock fell after earnings as Q1 billings growth was at the lower end of guidance despite delivering significant operating leverage and free cash flow, the analyst tells investors in a research note. Fortinet’s product revenue continues to be challenging as the firewall market returns to a more normalized growth rate after 2 years of 40% growth, the firm added.