Fortinet receives swath of downgrades on firewall refresh 'revelation'

2 hours ago 1
Fortinet office in Burnaby, BC, Canada

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Fortinet (NASDAQ:FTNT) received multiple downgrades following its second quarter 2025 financial results and outlook as new information on its firewall refresh cycle was revealed.

Shares plunged more than 20% during early market trading on Thursday.

KeyBanc downgraded the stock to

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