Palo Alto Networks (PANW) PT Lifted to $170 at Piper Jaffray Following Solid Q4
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Piper Jaffray analyst Andrew Nowinski reiterated an Overweight rating and bumped his price target on Palo Alto Networks (NYSE: PANW) to $170.00 (from $167.00) following FQ4 results solidly above Street expectations, benefiting from an improvement in the macro following the April quarter.
Nowinski commented, "Billings were also strong, exceeding the Street estimate by 1.9%. However, shares were under pressure after the close, likely due to the revenue guidance for both FQ1(Oct) and FY17. Management guided revenue below the Street for FQ1 and in-line with the Street for FY17. Nonetheless, we believe the guidance is just as conservative as the prior quarters have been and would note that FCF margin is expected to range from 35-40% in FY17. We believe there are very few companies capable of delivering ~33% revenue growth with a FCF margin of 35-40%. As such, we reiterate an Overweight rating and raise our price target to $170 (prev $167) on higher estimates."
The firm bumped FY 2017 EPS from $2.61 to $2.77 and FY 2018 EPS from $3.25 to $3.70.
Shares of Palo Alto Networks closed at $143.45 yesterday.
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