Palo Alto Networks (PANW) PT Lifted to $185 at Nomura Securities on Another 'Strong' Quarter

Nomura Securities analyst Frederick Grieb raised his price target on Buy-rated Palo Alto Networks (NYSE: PANW) to $185.00 (from $165.00) following another strong quarter.

Grieb commented, "Wednesday, after the close, Palo Alto announced F3Q’15 results, with billings growth of 56% YoY. The billings result of $302mn was ahead of Street estimates and our estimates by 7%; thus, we have raised our FY15 and FY16 revenue estimates on these billings numbers. In addition, the company guided F4Q’15 revenues to $252-256mn, about 2% above the consensus estimate of $248mn, at the midpoint (this guide is likely conservative, as one quarter forward guidance has been beaten by about 7% on average, over the last four quarters). Finally, Palo Alto reiterated its guidance for investors to be looking for a low-teens operating margin exiting F4Q’15 and a 22-25% operating margin exiting F4Q’16. We view these as a strong set of results and we continue to expect strong growth and operating margin expansion from Palo Alto."

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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