BTIG Sees Palo Alto's (PANW) Outlook as Conservative; Affirms at 'Buy'
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BTIG affirms Palo Alto Networks (NYSE: PANW) with a Buy rating and $210 price target followig Q4 results and outlook issued Tuesday night.
Analyst Joel Fishbien commented today,
4Q results were largely consistent with our preview, but investors may harp over the in-line guidance; FY17 revenue expectations are consistent with current Street estimates (albeit the mix between product and recurring services will change), while the full year organic op margin expansion target of +100bps y/y is at the low end of 100-200bps target range. We view these targets as conservative though, and expect estimates to tick up as customers continue embracing the breadth of the Palo Alto platform. With a fifth straight quarter of double digit growth in average revenue per user, and the highest number of quarterly customer adds in the company’s history, we remain steadfast in our conviction that Palo Alto is a name to own in the current security cycle.
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