Palo Alto Networks (PANW) PT Lifted to $182 at Needham & Company Following Strong Q3
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Rating Summary:
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Needham & Company analyst Scott Zeller reiterated a Buy rating and boosted his price target on Palo Alto Networks (NYSE: PANW) to $182.00 (from $160.00) following another strong quarter.
Zeller commented, "The Palo Alto performance in the April quarter was strong as anticipated, and was a healthy “beat” on revenue, billings, and EPS. As we’ve commented recently, the intensity around network security software solutions at the RSA conference in April was palpable, and we see PANW as a clear mindshare leader in “core” network security and next-gen firewall solutions. All things seem to be going well for PANW now, as demonstrated by billings of +56% y/y, which accelerated on a y/y basis and q/q as well. Our several-quarter thesis remains intact: PANW benefits from “platform” deals, which are larger opportunities than in the past, leaving consensus likely conservative. Our above-Street estimates are relatively unchanged, upping target from $160 to $182. Our $182 target is 12x EV/FY16 revenue."
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 $160.65 yesterday.
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