Fortinet (FTNT) Beat Earnings — So Why Did It Just Get Downgraded?

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Fortinet (FTNT) was downgraded to Hold by Freedom Capital Markets despite a strong Q4 2025 earnings beat, primarily due to valuation concerns. The stock’s P/E ratio and other factors led to the downgrade, even though product revenue and billings growth exceeded expectations. However, several other analysts maintained or raised their price targets, indicating a mixed outlook for the cybersecurity firm.

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