Palo Alto (PANW) Share Gains 'Understated' - Analyst

March 1, 2013 12:01 PM EST
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Palo Alto Networks Inc. (NYSE: PANW) Q2 results illustrate share gains in network securities that are larger than many grasp, in the view of analysts at Goldman Sachs.

"In the calendar 4Q, Palo Alto Networks added $40m in revenues from a year ago," noted analyst Greg Dunham. "This is roughly equivalent to the aggregate growth of $43mn from all public network security vendors (i.e., Cisco (NYSE: PAWN), Check Point (Nasdaq: CHKP), Juniper (NYSE: JNPR), Fortinet (Nasdaq: FTNT), and Sourcefire (Nasdaq: FIR)) over the same period."

"While the momentum benefited from new product launches we think the level of share gain is likely understated as current deferred revenue is also up $54m from last year," added the analyst.

Goldman Sachs has a Conviction Buy rating on Palo Alto Networks with a price target of $80.00.

For an analyst ratings summary and ratings history on Palo Alto Networks (NYSE: PANW) click here. For more ratings news on Palo Alto Networks click here.

Shares of Palo Alto Networks closed at $61.13 yesterday.

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