Core Viewpoint - Fortinet, Inc. has underperformed the broader market over the past year, but shows potential for growth with positive earnings expectations and analyst upgrades [2][4][6]. Company Overview - Fortinet, Inc. is based in Sunnyvale, California, and specializes in cybersecurity and the convergence of networking and security solutions, with a market cap of $60.8 billion [1]. Stock Performance - Over the past 52 weeks, Fortinet's shares have declined by 15.6%, while the S&P 500 Index has gained 16.1%. However, year-to-date, the stock is up 2.9%, outperforming the S&P 500's 1.9% return [2]. - Fortinet has also lagged behind the First Trust NASDAQ Cybersecurity ETF, which rose 10.2% over the same period, although it has outperformed CIBR's marginal year-to-date rise [3]. Analyst Ratings and Expectations - The consensus rating among 42 analysts covering Fortinet is a "Hold," with nine "Strong Buy," 29 "Hold," one "Moderate Sell," and three "Strong Sell" ratings [5]. - On November 12, Fortinet shares fell 1.8% after a downgrade from Daiwa Securities, citing slowing near-term growth momentum and valuation pressures in the cybersecurity sector [4]. - Analysts expect Fortinet's EPS to grow by 13.9% year-over-year to $2.38 for the current fiscal year ending in December, with a promising earnings surprise history [4]. Price Targets - The mean price target for Fortinet is $86.24, representing a 5.5% premium from current price levels, while the highest price target of $120 suggests a potential upside of 46.9% [6]. - An analyst from The Toronto-Dominion Bank upgraded Fortinet to "Buy" with a price target of $100, indicating a potential upside of 22.4% from current levels [6].