Fortinet falls as Scotiabank cuts to 'sector perform'

Fortinet

02/02/2026 11:27

Adds dropped word in second bullet

** Cybersecurity firm Fortinet's FTNT.O shares down 1.7% at $79.88 premarket

** Scotiabank downgrades to "sector perform" from "sector outperform"

** Brokerage notes co's "upward cycle lasts ~6 quarters and then plateaus"

** "The current cycle is 5 quarters through, IE the juicy part of the upward cycle is likely close to cresting," Scotiabank says

** Avg. rating of 43 analysts is "hold;" their median PT is $87 - data compiled by LSEG

** Up to last close, stock has fallen 18.2% in last 12 months

 (Reporting by Anhata Rooprai in Bengaluru)

 ((Anhata.Rooprai@thomsonreuters.com))