Fortinet falls after JP Morgan downgrades to 'underweight'

Cybersecurity firm Fortinet's FTNT.O shares fall 2.1% to 80.75 premarket

J.P. Morgan downgrades stock to "underweight"; cuts PT to $75 from $85, a downside of 9% to stock's last close of $82.47

Brokerage says FTNT facing headwinds as platform consolidation accelerates and competitive positioning weakens

Recent survey by cybersecurity research firm IANS indicates that FTNT has relatively low levels of recognition as a platform compared to competitors - JPM

Brokerage says acquisitions have contributed to FTNT’s growth profile over the past few years, but inorganic growth is unlikely to provide upside in 2026

10 of 43 brokerages rate the stock "buy" or higher, 30 "hold" and 3 "sell"; their median PT is $86 - LSEG data

As of last close, stock down 12.7% YTD