Palo Alto Networks (PANW): Raising PT On Strong Channel Checks - Oppenheimer
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Oppenheimer analyst, Shaul Eyal, reiterated his Outperform rating on shares of Palo Alto Networks (NYSE: PANW) following a round of checks with 20 VARs.
The analyst believes F1Q results on 11/21 (AMC) could see upside for the following reasons:
1) YoY comps are beginning to ease (F1H16 +54% YoY vs. F2H15 +57.5% YoY) and recent industry trends are better understood e.g. the shift towards subscription-based solutions
2) Recent product sales dynamics for the majority of network security vendors (CUDA, FEYE, CHKP) appear to be positive with results exceeding Consensus' product revenue estimates by an average of 3.7% (CY3Q16) which should benefit PANW's product line estimates (+10.4% YoY)
3) Americas (~71% of revenues) remain strong; meanwhile, we believe EMEA (~17%) is seeing improved sales productivity
4) Traps and VM-Series continue to see solid traction
The price target goes to $184 from $177.
Shares of Palo Alto Networks closed at $160.43 yesterday.
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