JPMorgan raises Fortinet target to USD 140 for Fortinet stock

Published on 10/26/2026 at 11:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortinet stock enters October 28 results after USD 2.05 billion second-quarter revenue. Revenue rose 25.60 percent year over year in second quarter 2026.

Analyst targets and report dates

JPMorgan raised its Fortinet target from USD 118.00 to USD 140.00 on October 23, 2026.
Second-quarter revenue reached USD 2.05 billion, 25.60 percent above the prior-year period.
Fortinet stock was trading at EUR 161.50 at 11:35 a.m. CEST at Lang & Schwarz on October 26, 2026.
Third-quarter results are scheduled for October 28, 2026.

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Fortinet Inc. (ISIN US34959E1091) was trading at EUR 161.50 at Lang & Schwarz on October 26, 2026 at 11:35 a.m. CEST. The immediate catalyst is an analyst target change before the company's third-quarter report.

According to MarketBeat on October 23, 2026, JPMorgan raised its Fortinet target from USD 118.00 to USD 140.00 while retaining an underweight rating. The report linked the change to a broader analyst reaction around Fortinet's earnings outlook.

Revenue sets the earnings baseline

Fortinet's second-quarter revenue was USD 2.05 billion, up 25.60 percent from the same period a year earlier. The company also delivered diluted earnings per share of USD 0.82, compared with USD 0.72 in the first quarter, according to the standardized quarterly figures for the period ended June 30, 2026.

MarketBeat reported that second-quarter revenue exceeded the USD 1.89 billion consensus estimate, while earnings per share of USD 0.90 in the cited earnings report exceeded the USD 0.75 estimate. Fortinet's fiscal 2026 earnings-per-share guidance stands at USD 3.410-3.470.

Three target changes since October 12

Royal Bank of Canada raised its target from USD 185.00 to USD 205.00 on October 12, 2026. Arete downgraded Fortinet to sell with a USD 117.00 target on October 21, 2026. JPMorgan then lifted its target from USD 118.00 to USD 140.00 on October 23, 2026, leaving the analyst picture divided.

What does the next report test?

The next test is whether the second-quarter growth rate can continue into the third quarter without weakening profitability. Fortinet's reported second-quarter net profit margin was 30.00 percent, while the upcoming release is scheduled for October 28, 2026, according to MarketScreener.

Upcoming dates and valuation

The October 28, 2026 earnings release is the next dated company event. Fortinet also lists its Security Operations Summit for November 4, 2026, on its corporate website.

Fortinet's market capitalization was USD 132.1 billion on October 26, 2026, and its price-to-earnings ratio was 63.38. The Nasdaq-listed cybersecurity company had a 52-week range of USD 73.55 to USD 197.13 on the same date, keeping the upcoming earnings release central to the valuation debate.

Price stays below the yearly high

Fortinet's reference price was EUR 161.50 at Lang & Schwarz on October 26, 2026 at 11:35 a.m. CEST. The next earnings release and the spread between analyst targets remain the clearest dated reference points for the stock.

The further course of trading is shown by the continuously updated real-time quote of Fortinet stock.