Nomura Securities Cuts price Target on Palo Alto Networks (PANW) Following 4Q
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Nomura Securities maintained a Buy rating on Palo Alto Networks (NYSE: PANW), and cut the price target to $180.00 (from $200.00), following the company's 4Q earnings report. PANW reported product revenue of $191.1mn beating consensus at $187.4mn. Services revenue came in at $209.7mn, ahead of consensus of $202.4mn. The company guided F1Q’17 revenues to $396-402mn, slightly below the consensus estimate of $401.9mn.
Analyst Frederick Grieb commented, "Management noted the improved macro sentiment that the company saw in 4Q over 3Q, with a robust demand environment. Customer preferences continue to trend toward subscription software models that satisfy strategic versus transactional deployments, and we believe Palo Alto’s platform is positioned to deliver on this front. While we remain Buy rated, we lower our target price to $180 (down from $200, previously), expecting slightly lower top-line estimates as we lap tougher yoy compares with this model shift."
Shares of Palo Alto Networks closed at $143.45 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNomura, Earnings
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