HSBC Downgrades Fortinet to Hold, Lowers Price Target to $49
Portfolio Pulse from Benzinga Newsdesk
HSBC analyst Stephen Bersey has downgraded Fortinet (NASDAQ:FTNT) from Buy to Hold and lowered the price target from $75 to $49.
November 06, 2023 | 10:38 am
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HSBC has downgraded Fortinet from Buy to Hold and lowered the price target from $75 to $49, which may negatively impact the stock's short-term performance.
The downgrade from Buy to Hold by HSBC indicates a less optimistic outlook for Fortinet. The lowering of the price target from $75 to $49 suggests that the analyst believes the stock is overvalued at its current price, which could lead to a decrease in the stock's price in the short term.
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