Nomura Securities Cuts price Target on Palo Alto Networks (PANW) Following 4Q
- Euro and global stocks hold Italy-related gains ahead of ECB
- GoDaddy (GDDY) to Acquire Host Europe Group in ~$1.8B Deal
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Evercore ISI Upgrades Netflix (NFLX) to Hold; Competition Gaining Little Traction
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Downgrades Select Comfort (SCSS) to Neutral
- Oppenheimer Raises Price Target on Itron (ITRI) to $70; Reiterates Outperform
- Mizuho Securities Raises Price Target on PDC Energy (PDCE) to $81; Reiterates Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNomura, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!