Citigroup Downgrades Fortinet to Neutral, Raises Price Target to $62
Portfolio Pulse from Benzinga Newsdesk
Citigroup analyst Fatima Boolani has downgraded Fortinet (NASDAQ:FTNT) from Buy to Neutral while increasing the price target from $60 to $62.

January 09, 2024 | 3:19 pm
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NEUTRAL IMPACT
Fortinet was downgraded by Citigroup from Buy to Neutral, although the price target was raised from $60 to $62.
The downgrade to Neutral suggests that Citigroup sees limited upside potential or increased risk in Fortinet's stock, which could lead to a neutral or slightly negative investor sentiment in the short term. However, the increase in the price target from $60 to $62 indicates a belief in some continued value growth, potentially offsetting negative sentiment from the downgrade.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100