91/100BFortinet stock forecast 2026–2030What is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
Analysts' average 12-month price target for Fortinet is 155.67, 23.7% above the current price of 125.88. Their targets range from 102.00 to 210.00.
Of the 27 firms that rated Fortinet in the past 12 months, 6 rate it buy or strong buy, 17 hold and 4 sell or strong sell (each firm at its latest rating): a Hold consensus.
Analysts' 1-year price targets range from 102.00 to 210.00, with an average of 155.67.
| Buy | 6 | |
| Hold | 17 | |
| Sell | 4 |
12-month price target
| Highest target | 210.00 |
| Average target | 155.67 |
| Lowest target | 102.00 |
| Current price | 125.88 |
Fortinet price target historyWhat is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
Have analysts recently raised or lowered their Fortinet price target and rating?
How analysts rate Fortinet, month by monthWhat is the analyst rating? The analyst rating sums up what the analysts covering a stock recommend, from strong buy to strong sell, by the share of them rating it a buy.
6 of 27 firms rate it buy now, against 5 of 29 in December 2025.
Each month: every firm at its latest rating from the 12 months before. Strong buys count as buys, strong sells as sells.
Fortinet analyst upgrades, downgrades and price targets
The latest rating change came on 21 July 2026, when Morgan Stanley upgraded Fortinet from Underweight to Equal Weight. Its price target is 133.00, from 80.00. The most recent new target came from Scotiabank on 29 October 2026: 140.00.
| Date | Firm | Rating | Price target | Change | Price then |
|---|---|---|---|---|---|
| 29 Oct 2026 | Scotiabank | Reiterated · Sector Perform | 163.00 → 140.00 | -14.1% | 136.84 |
| 29 Oct 2026 | RBC Capital Dan Bergstrom | Reiterated · Sector Perform | 205.00 → 165.00 | -19.5% | 134.42 |
| 29 Oct 2026 | Deutsche Bank Brad Zelnick | — | 160.00 → 130.00 | -18.8% | 135.41 |
| 29 Oct 2026 | Wedbush Steven Wahrhaftig | Reiterated · Neutral | 155.00 → 140.00 | -9.7% | 138.38 |
| 29 Oct 2026 | Stifel Nicolaus | Reiterated · Hold | 175.00 → 140.00 | -20.0% | 174.08 |
| 29 Oct 2026 | Piper Sandler | Reiterated · Neutral | 175.00 → 140.00 | -20.0% | 174.08 |
| 29 Oct 2026 | Cantor Fitzgerald Jonathan Ruykhaver | Reiterated · Neutral | 185.00 → 145.00 | -21.6% | 174.08 |
| 29 Oct 2026 | Mizuho Securities Gregg Moskowitz | — | 160.00 → 118.00 | -26.2% | 174.08 |
| 29 Oct 2026 | Jefferies Joseph Gallo | — | 90.00 → 145.00 | +61.1% | 174.08 |
| 29 Oct 2026 | Truist Financial Junaid Siddiqui | Reiterated · Buy | 200.00 → 175.00 | -12.5% | 174.08 |
| 21 Oct 2026 | Arete Research | — | 104.00 → 117.00 | +12.5% | 170.93 |
| 20 Oct 2026 | Truist Financial Junaid Siddiqui | Reiterated · Buy | 183.00 → 200.00 | +9.3% | 171.47 |
| 15 Oct 2026 | UBS | — | 180.00 → 200.00 | +11.1% | 180.16 |
| 15 Oct 2026 | Mizuho Securities | Reiterated · Underperform | 125.00 → 160.00 | +28.0% | 184.05 |
| 12 Oct 2026 | RBC Capital Dan Bergstrom | Reiterated · Sector Perform | 185.00 → 205.00 | +10.8% | 195.01 |
| 12 Oct 2026 | Barclays Saket Kalia | Reiterated · Equal Weight | 190.00 → 210.00 | +10.5% | 194.75 |
| 17 Sept 2026 | Bernstein | Reiterated · Market Perform | 83.00 → 145.00 | +74.7% | 171.77 |
| 10 Sept 2026 | Wedbush | — | 155.00 | — | 158.85 |
| 31 Jul 2026 | Susquehanna | Reiterated · Neutral | 115.00 → 160.00 | +39.1% | 156.41 |
| 30 Jul 2026 | RBC Capital | Reiterated · Sector Perform | 160.00 → 185.00 | +15.6% | 156.05 |
| 30 Jul 2026 | Robert W. Baird | — | 120.00 → 165.00 | +37.5% | 156.26 |
| 30 Jul 2026 | Evercore ISI | Reiterated · In Line | 80.00 → 165.00 | +106.3% | 158.65 |
| 30 Jul 2026 | Morgan Stanley | Reiterated · Equal Weight | 133.00 → 136.00 | +2.3% | 159.79 |
| 30 Jul 2026 | Deutsche Bank | — | 100.00 → 160.00 | +60.0% | 158.10 |
| 30 Jul 2026 | UBS Roger Boyd | — | 90.00 → 180.00 | +100.0% | 158.54 |
| 30 Jul 2026 | BTIG Gray Powell | Reiterated · Buy | 186.00 → 203.00 | +9.1% | 153.22 |
| 30 Jul 2026 | Scotiabank Patrick Colville | — | 85.00 → 163.00 | +91.8% | 153.22 |
| 30 Jul 2026 | Stifel Nicolaus | Reiterated · Hold | 85.00 → 175.00 | +105.9% | 153.22 |
| 30 Jul 2026 | Goldman Sachs Gabriela Borges | — | 190.00 | — | 153.22 |
| 30 Jul 2026 | Piper Sandler | Reiterated · Neutral | 90.00 → 175.00 | +94.4% | 153.22 |
| 30 Jul 2026 | Rosenblatt Securities Catherine Trebnick | Reiterated · Buy | 195.00 | — | 153.22 |
| 30 Jul 2026 | Wells Fargo | Reiterated · Underweight | 120.00 → 135.00 | +12.5% | 153.22 |
| 30 Jul 2026 | Wolfe Research | — | 175.00 | — | 153.22 |
| 30 Jul 2026 | Barclays | Reiterated · Equal Weight | 170.00 → 190.00 | +11.8% | 153.22 |
| 30 Jul 2026 | Cantor Fitzgerald Jonathan Ruykhaver | Reiterated · Neutral | 165.00 → 185.00 | +12.1% | 153.22 |
| 23 Jul 2026 | Cantor Fitzgerald | Reiterated · Neutral | 87.00 → 165.00 | +89.7% | 155.05 |
| 21 Jul 2026 | Truist Financial | Reiterated · Buy | 120.00 → 183.00 | +52.5% | 160.36 |
| 21 Jul 2026 | Robert W. Baird Shrenik Kothari | — | 115.00 → 120.00 | +4.3% | 160.36 |
| 21 Jul 2026 | Morgan Stanley Meta Marshall | Upgraded · Underweight → Equal Weight | 80.00 → 133.00 | +66.3% | 160.36 |
| 20 Jul 2026 | Wells Fargo | Reiterated · Underweight | 70.00 → 120.00 | +71.4% | 161.61 |
| 16 Jul 2026 | RBC Capital | — | 107.00 → 160.00 | +49.5% | 161.69 |
| 15 Jul 2026 | Mizuho Securities | Reiterated · Underperform | 74.00 → 125.00 | +68.9% | 166.83 |
| 13 Jul 2026 | Barclays | Reiterated · Equal Weight | 155.00 → 170.00 | +9.7% | 157.51 |
| 10 Jul 2026 | BTIG Gray Powell | Reiterated · Buy | 125.00 → 186.00 | +48.8% | 163.73 |
| 30 Jun 2026 | HSBC | Downgraded · Hold → Reduce | — | — | — |
| 29 Jun 2026 | HSBC | — | 102.00 | — | 155.42 |
| 12 Jun 2026 | Barclays | Reiterated · Equal Weight | 115.00 → 155.00 | +34.8% | 145.06 |
| 8 May 2026 | Susquehanna Shyam Patil | Reiterated · Neutral | 115.00 | — | 111.96 |
| 7 May 2026 | RBC Capital | Reiterated · Sector Perform | 90.00 → 107.00 | +18.9% | 110.97 |
| 7 May 2026 | Morgan Stanley | — | 70.00 → 80.00 | +14.3% | 110.83 |
Fortinet EPS and revenue estimatesWhat are estimate revisions? Estimate revisions are the changes analysts make to their EPS and revenue forecasts for the years ahead. They show whether expectations are rising or falling.
Analysts expect Fortinet's EPS to grow 21.8% a year until 2028, slower than over the last 5 years (33.2% a year) and the last 3 years (31.9%).
Analysts expect Fortinet's revenue to grow 14.1% a year until 2028. Over the last 5 years it grew 21.3% a year, and over the last 3 years 15.5%.
Revenue
EPS
Does Fortinet beat earnings estimates?What is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
On average, analysts' EPS estimate was 18.2% off the result, either way, and their revenue estimate 2.5%, over the last 12 quarters.
- EPS beats
- 62 / 68
- Revenue beats
- 60 / 68
- Average EPS surprise, last 12What is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
- +18.2%
- Since
- January 2010
| Quarter | Report date | EPS estimate | Reported EPS | Surprise | Revenue estimate | Reported revenue | Surprise |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 28 Oct 2026 | 0.86 | 0.91 | +5.8% | 2.06B | 2.08B | +0.7% |
| Q2 FY2026 | 29 Jul 2026 | 0.75 | 0.90 | +20.6% | 1.89B | 2.05B | +8.4% |
| Q1 FY2026 | 6 May 2026 | 0.62 | 0.82 | +32.5% | 1.73B | 1.85B | +6.7% |
| Q4 FY2025 | 5 Feb 2026 | 0.74 | 0.81 | +9.0% | 1.86B | 1.91B | +2.4% |
| Q3 FY2025 | 5 Nov 2025 | 0.63 | 0.74 | +17.3% | 1.70B | 1.72B | +1.2% |
| Q2 FY2025 | 6 Aug 2025 | 0.59 | 0.64 | +8.5% | 1.63B | 1.63B | +0.3% |
| Q1 FY2025 | 7 May 2025 | 0.53 | 0.58 | +9.2% | 1.54B | 1.54B | +0.1% |
| Q4 FY2024 | 6 Feb 2025 | 0.60 | 0.74 | +23.3% | 1.59B | 1.66B | +4.2% |
| Q3 FY2024 | 7 Nov 2024 | 0.52 | 0.63 | +21.2% | 1.48B | 1.51B | +1.9% |
| Q2 FY2024 | 6 Aug 2024 | 0.41 | 0.57 | +39.0% | 1.40B | 1.43B | +2.1% |
| Q1 FY2024 | 2 May 2024 | 0.38 | 0.43 | +13.2% | 1.34B | 1.35B | +1.1% |
| Q4 FY2023 | 6 Feb 2024 | 0.43 | 0.51 | +18.6% | 1.41B | 1.42B | +0.4% |
Fortinet stock price 2026–2030: scenariosHow are the stock price scenarios calculated? Bear, base and bull prices for the years ahead: the analysts' EPS estimates times the lowest, average and highest P/E of the stock today and at its last five year ends, or of its peers.
If Fortinet's earnings grow at the 16.6% a year analysts expect to FY2028, then 15.0% a year, it would earn about 5.80 a share in FY2030. At the P/E it has traded at over the last five years (32.5 to 45.3) that is 188.83 to 262.66 a share, or 231.71 at its average P/E of 39.9. This is arithmetic on the analysts' estimates, not a prediction.
| Fiscal year | EPS | Bear | Base | Bull |
|---|---|---|---|---|
| FY2026 | 3.56 | 115.96 | 142.28 | 161.29 |
| FY2027 | 3.89 | 126.60 | 155.34 | 176.09 |
| FY2028 | 4.39 | 142.79 | 175.21 | 198.61 |
| FY2029 (extrapolated) | 5.05 | 164.20 | 201.49 | 228.40 |
| FY2030 (extrapolated) | 5.80 | 188.83 | 231.71 | 262.66 |
Each year's EPS is the analysts' consensus to FY2028; the years after grow 15.0% a year (the analysts' growth, at most 15%). Bear, base and bull apply the lowest, average and highest P/E of today and the last five fiscal year ends, leaving out any above 60, the mark of a year of collapsed earnings (32.5, 39.9, 45.3).
Is Fortinet stock undervalued or overvalued?How does Arincen work out a stock's fair value? Fair value is our estimate of a share's price at the P/E the company usually trades at, with a low to high range around it.
Fortinet's P/E of 40.6 is below the middle of its 5-year range (12.6 to 80.6, median 45.7). Analysts expect slower growth than in recent years, so the low P/E may be deserved. Buyers pay more for each point of growth than usual: a PEG of 1.9 on expected growth against 1.4 on its median P/E and past five years' growth. At its usual P/E (44.8 × EPS of 3.10), Fortinet's fair value is 138.95; the price, 125.88, is 9.4% below it. Its forward P/E, on the consensus for FY2026, is 35.3.
Fair value is the usual (median) P/E of the last five years times the earnings per share of the last twelve months; the ends of the bar are the same earnings at its lowest and highest P/E of those years (30.7 and 68.1). The price against its P/E range
- Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 40.60
- Five-year median P/EWhat is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 45.68
- Five-year P/E range
- 12.6 – 80.6
- Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.
- 35.33
- PEG ratioWhat is the PEG ratio? The PEG ratio divides the P/E by the yearly earnings growth analysts expect, to show how much you pay for each point of growth.
- 2.45
- To the average targetWhat is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
- +23.7%
Most undervalued US stocksHow does Arincen work out a stock's fair value? Fair value is our estimate of a share's price at the P/E the company usually trades at, with a low to high range around it.
| Stock | Price | Fair value | Upside |
|---|---|---|---|
| 35.850 | 71.4258Price 35.85193 | +99.2% | |
| 29.050 | 56.2634Price 29.0596 | +93.7% | |
| 241.000 | 464.49205Price 241.00627 | +92.7% | |
| 123.590 | 237.24178Price 123.59297 | +92.0% | |
| 161.400 | 305.52159Price 161.40396 | +89.3% | |
| 157.460 | 297.58169Price 157.46471 | +89.0% | |
| 217.560 | 405.38304Price 217.56507 | +86.3% |
Furthest below the fair value on each stock's page, updated every day.