Raymond James analyst Michael Turits downgraded Palo Alto Networks (PANW) to Market Perform from Outperform following a third straight quarter of missed product revenue that further erodes confidence in Palo's ability to execute in what remains its core firewall market. In a research note to investors, Turits says that while channel checks did not give him confidence Q2 was the turnaround, the magnitude of the product drop was far worse than he expected and says Q2 reinforces concerns Palo Alto has fallen behind Fortinet (FTNT) competitively in the core market, including being late to market with integrated SD-WAN.