Palo Alto Networks (PANW): Channel Checks Indicate Upside Likely - Nomura
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Nomura Securities analyst, Frederick Grieb, reiterated his Buy rating on shares of Palo Alto Networks (NYSE: PANW) along with the price target of $200 ahead of F4Q’16 earnings on Tuesday, August 30th. The stock is down 7% since F3Q’16 earnings (vs. the S&P 500 up 4%).
The analyst went on to note "Our checks for the quarter were generally positive on Palo Alto and support a quarter that is ahead of expectations. During the quarter, our survey indicated that 79% of resellers were running ahead of plan with Palo Alto sales, and the average reseller we spoke with was about 5.2% ahead of plan at the beginning of July. Based on these checks, we expect Palo Alto to report a quarter slightly better than the Street’s 4Q’16 revenue expectation of $389.9mn".
Shares of Palo Alto Networks closed at $137.54 yesterday.
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