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Scotiabank lowered the firm’s price target on Fortinet (FTNT) to $115 from $135 and keeps an Outperform rating on the shares. The company reported a “solid” Q1 billings performance, with management stating the U.S.-China tariffs did not impact fundamentals this quarter, the analyst tells investors. The firm continues to favor the company as a high-quality “growth at a reasonable price” stock.

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• Fortinet price target lowered to $108 from $113 at Baird

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