Palo Alto Networks (PANW) Estimates Raised at Needham & Company after Strong Q1

November 26, 2013 8:00 AM EST
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Price: $140.81 -0.91%

Rating Summary:
    40 Buy, 10 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 22 | Down: 17 | New: 13
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Needham & Company analyst Scott Zeller raised estimates on Buy-rated Palo Alto Networks (NYSE: PANW) following strong Q1 results and outlook. The firm's price target of $59 was also maintained.

"Palo Alto Networks' results for the OctQ were a strong beat, and revenue guidance for JanQ is above consensus," Zeller said. "Our field checks on spending for network security indicate a rebound in spending from early 2013 to a healthier environment today. PANW, as a leader in "new" network security technologies is benefiting."

The firm's FY14 goes from $546m and $0.37 EPS up to $555m and $0.39. FY15 goes from $731m and $0.55 EPS up to $742m and $0.61 EPS.

For an analyst ratings summary and ratings history on Palo Alto Networks click here. For more ratings news on Palo Alto Networks click here.

Shares of Palo Alto Networks closed at $46.10 yesterday.

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