Summary * FTNT appears more attractively valued after a substantial expectation reset following its latest earnings release. * Short-term headwinds persist for the next four quarters due to higher comparables, supply-demand imbalances, and normal seasonality. * FTNT's long-term growth areas, including SASE, SD-WAN, OT, and non-FortiGate products, strengthen its competitive positioning. After a substantial expectation reset following its latest earnings release, Fortinet (FTNT) now appears m