Palo Alto Networks (PANW): 13% Post Market Selloff Is A Buying Opportunity - Oppenheimer
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Oppenheimer analyst, Shaul Eyal, reiterated his Outperform rating on shares of Palo Alto Networks (NYSE: PANW) after the company reported mixed F1Q17 results beating consensus' EPS & CFFO estimates but falling slightly short of the Street's revenue and billings estimates. The quarter was impacted by weaker-than-expected product revenue growth ($163.8M, +10.9%, vs. the Street's $166.9M) due to elongated sales cycles across the industry, which is now reflected in the company's F2Q and FY17 guidance.
However, SaaS based subscription revenue continues to build solid momentum growing 65% YoY to $121.2M (~30% of revenues vs. 27% in F4Q16) driven by notable strength in Traps, VM-Series, AutoFocus, and Wildfire. Although the analyst is slightly discouraged by the mixed bag of results, he believes the after-hours dip (-13%) could provide an attractive buying opportunity reflecting 11.1x FY18 FCF.
No change to the price target of $184.
Shares of Palo Alto Networks closed at $161.06 yesterday.
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