Stifel analyst Adam C. Borg reiterated a Hold rating and $85.00 price target on Fortinet (NASDAQ: FTNT).

The analyst commented, "This week we attended Fortinet Accelerate 2026, Fortinet’s annual user conference, in Las Vegas, where we spoke with a number of customers, partners, and employees. As seen in the checks below, while partners and customers were positive on their overall relationship with Fortinet (great price for performance relative to competitors), interestingly, we did not pick up overly bullish commentary around near-term adoption of Fortinet's SASE and AI in our checks, with checks noting these opportunities are likely on the horizon in coming years. While we acknowledge a smaller sample size, this feedback is relatively consistent with our recent survey work and other checks. Separately, we note one partner commented of seeing firewall pull-ins ahead of price increases, where another partner noted of firewall push-outs."

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Shares of Fortinet closed at $84.14 yesterday.