Why Fortinet, Palo Alto Networks, and Zscaler Stocks Slumped on Jan. 5, 2023
After rising modestly on Wednesday, tech stocks are giving back all their gains Thursday -- and more -- as the Nasdaq slumps more than 1% in late-morning trading. Cybersecurity stocks are getting hit particularly hard today, with shares of Fortinet (NASDAQ: FTNT) falling 1.1% as of 11:10 a.m. EST, Palo Alto Networks (NASDAQ: PANW) down 3.3%, and Zscaler (NASDAQ: ZS) leading the whole pack lower with a 4.9% loss.
And you can probably blame Piper Sandler for that.
Tic-tac-toe, three in a row, Piper Sandler started off the New Year with a series of lowered price targets in the cyber sector this morning, reports ratings watcher TheFly. The banker cut Fortinet's price target 5% to $57 a share and made Palo 4% less "Alto" at $220. Piper reserved its deepest cut of all for Zscaler, trimming the cybersecurity firm's targeted valuation by 14%, to just $125 per share.
Source Fool.com
