Cantor Reiterates Neutral on Fortinet (FTNT) With $87 Price Target

Fortinet, Inc. (NASDAQ:FTNT) is one of the AI Stocks Making Headlines This Week. On August 15, Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated a Neutral rating on the stock with a $87.00 price target. The rating affirmation follows Fortinet’s second-quarter results.

According to Cantor, Fortinet has reported solid 2Q25 results.  However, the stock is down 25% this month while the S&P is up 3%. This is because investors are worried that its product refresh cycle is already half-way done, reflecting the possibility of weaker hardware sales.

A high-rise office building, its staff busy at work providing cybersecurity services.

“Fortinet delivered solid 2Q25 results, with product performance and billings growth driven by momentum in the large enterprise segment, despite slower subscription revenue growth and a lowered services guidance. However, the company’s 2026 product refresh cycle is 40–50% complete, suggesting steady upgrade demand but weaker hardware sales outside the refresh period. Fortinet continues to grow its SecOps and SASE businesses, although challenges remain around service revenue conversion and zero-trust network access complexity. The stock is down ~25% this month (versus the S&P up~3%) driven by concerns over the refresh cycle being further along than expected.”

Fortinet, Inc. (NASDAQ:FTNT), a cybersecurity company, provides enterprise-level next-generation firewalls and network security solutions, leveraging artificial intelligence across its cybersecurity products.

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