Imperial Capital Reiterates Outperform as Palo Alto Networks (PANW) Reports 4Q Results
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Imperial Capital reiterated an Outperform rating and $190.00 price target on Palo Alto Networks (NYSE: PANW) following the company's 4Q earnings report. PANW reported revenue of $401mn and adjusted EPS of $0.50, compared with the Street revenue estimates of 389mn and adjusted EPS estimates of 0.49.
Analyst Michael Kim commented, "We are maintaining our Outperform rating on PANW shares and our one-year price target of $190. Our price target implies potential upside of 32% above recent levels. We believe PANW remains one of the strongest vendors in the cybersecurity sector, with continued share gains over legacy security vendors. We highlight ramping adoption of the company’s newer subscription services in F4Q16, though the mix shift from product sales is occurring faster than our expectations. Combined with a change in accounting (i.e., deferred sales commissions) and higher days sales outstanding (DSOs), investors could have greater near-term uncertainty."
Shares of Palo Alto Networks closed at $143.45 yesterday.
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