Looking at $PANW and $CRWD holding up, then watching $SNOW absolutely melt down—makes you wonder about $FTNT just floating up there in no man's land.
The comp set is breaking. When your peer group starts cracking and you're still trading at nosebleed multiples, that's not alpha, that's just lag. $FTNT hasn't gotten the memo yet.
Cybersecurity isn't immune to multiple compression. If $SNOW can't hold and $CRWD is showing cracks, $FTNT's valuation looks like borrowed time. Gravity works eventually.
The comp set is breaking. When your peer group starts cracking and you're still trading at nosebleed multiples, that's not alpha, that's just lag. $FTNT hasn't gotten the memo yet.
Cybersecurity isn't immune to multiple compression. If $SNOW can't hold and $CRWD is showing cracks, $FTNT's valuation looks like borrowed time. Gravity works eventually.
