Top Analysts Downgrade Fortinet, IREN, Newmont, Fortive, and Fresenius Medical Care

Fortinet (FTNT) shares closed at $78.77 on Friday. Morgan Stanley analyst Meta Marshall downgraded FTNT from Equal-Weight to Underweight and cut the price target from $78 to $67. Fortive Corporation (FTV) was downgraded from Overweight to Equal-Weight by Morgan Stanley analyst Chris Snyder, with a price target cut from $90 to $50. Newmont Corporation (NEM) was downgraded from Outperform to Neutral by Macquarie analyst Andrew Bowler, with a price target of $72. Fresenius Medical Care AG (FMS) was downgraded from Neutral to Sell by UBS analyst Graham Doyle.

In a series of downgrades, Morgan Stanley and Macquarie have lowered their ratings for Fortinet (FTNT), Fortive Corporation (FTV), and Newmont Corporation (NEM), while UBS has downgraded Fresenius Medical Care AG (FMS). Here's a rundown of the changes:

Fortinet (FTNT):
Morgan Stanley analyst Meta Marshall downgraded FTNT from Equal-Weight to Underweight and cut the price target from $78 to $67 [1]. The downgrade reflects concerns about the expected firewall refresh cycle potentially being smaller than anticipated, which could lead to downward revisions in future estimates. Despite Fortinet's strong financial position, the risk-reward profile is viewed negatively in the near term.

Fortive Corporation (FTV):
Morgan Stanley analyst Chris Snyder downgraded FTV from Overweight to Equal-Weight and reduced the price target from $90 to $50 [2]. The downgrade comes as Fortive's organic growth has slowed, with the company's recovery pathway remaining unclear due to U.S. policy uncertainty. The sharply reduced valuation provides some downside protection, but consensus forecasts model a return to normalized 4% organic growth in 2026-27, which may lead to negative earnings revisions.

Newmont Corporation (NEM):
Macquarie analyst Andrew Bowler downgraded NEM from Outperform to Neutral with a price target of $72 [3]. The downgrade follows a 35% increase in Newmont's stock price over the past three months, which significantly outperformed its peers. Macquarie considers the stock's recent outperformance as having fulfilled its investment thesis, leading to a neutral rating.

Fresenius Medical Care AG (FMS):
UBS analyst Graham Doyle downgraded FMS from Neutral to Sell. The specific reasons for the downgrade are not provided in the given materials.

These downgrades reflect the analysts' concerns about the companies' growth prospects and financial performance. Investors should closely monitor the companies' earnings reports and any updates from the analysts for further insights.

References:
[1] https://www.investing.com/news/analyst-ratings/morgan-stanley-downgrades-fortinet-stock-on-firewall-refresh-concerns-93CH-4218623
[2] https://www.investing.com/news/analyst-ratings/morgan-stanley-downgrades-fortive-stock-to-equalweight-on-unclear-recovery-path-93CH-4218622
[3] https://www.investing.com/news/analyst-ratings/macquarie-downgrades-newmont-stock-to-neutral-on-recent-outperformance-93CH-4218608