11:07 AM EDT, 05/08/2025 (MT Newswires) -- Fortinet's ( FTNT ) in-line Q1 earnings overshadowed by stagnant 2025 revenue guidance amid macro uncertainty, Wedbush analysts said in a Thursday report.

Q1 revenue was driven by the robust performance of SASE and SecOps segments alongside growth from FortiGate product upgrades supported by enterprise clients upgrading "early in the refresh cycle," according to the note.

Despite macroeconomic headwinds fueled by US tariffs, the company maintained its 2025 billings and revenue guidance as it didn't witness changes to product demand or customer spending patterns, according to analysts.

The brokerage said it is confident in the company's growth story despite a complex billings environment as it transitions to higher-margin service revenue while anticipating a more robust H2 "due to the product refresh cycle," the brokerage said.

Wedbush reiterated its outperform rating on the stock and cut its target price to $120 per share from $130 earlier.

Shares were down over 10% in recent trading.

Price: 95.51, Change: -11.21, Percent Change: -10.51