Imperial Capital Reiterates Outperform on Palo Alto Networks (PANW) Following Investor Meetings
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Imperial Capital reiterated an Outperform rating and$190.00 price target on Palo Alto Networks (NYSE: PANW) after hosting a series of investor meetings. Investors broadly focused on the company’s mix shift to subscriptions from product sales.
Analyst Michael Kim commented, "On 9/15/16, we hosted a series of investor meetings in Los Angeles with Steffan Tomlinson, CFO of Palo Alto Networks (PANW). We came away with a more favorable view on the company’s growth outlook and see continued strong adoption of the company’s subscription services, with potential upside from newer offerings such as Traps (endpoint security). We believe PANW remains strongly positioned to gain share and expand into its installed base of customers with its broadening product portfolio. We have an Outperform rating and one-year price target of $190 on the shares, and, at recent levels, we think PANW shares offer attractive appreciation potential based on the company’s strong growth at scale and cash flow."
Shares of Palo Alto Networks closed at $149.10 yesterday.
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