UBS Reiterates Buy on Palo Alto Networks (PANW) Ahead of 1Q Release
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UBS reiterated a Buy rating and $165.00 price target on Palo Alto Networks (NYSE: PANW) ahead of the company's 1Q earnings report. PANW is scheduled to release results after market close on 11/21.
Analyst Brent Thill commented, "PANW is -8% YTD vs. NASDAQ's +6% with the stock +21% since F4Q results when PANW reported its lowest product beat magnitude since F1Q15, missed cash flow, and guided F1Q below Street. Despite the de-risking of FY17 product growth to 12-13% from Street's low-20% exiting F4Q, we believe the recent stock outperformance raises the bar into the Oct-Q where we see a modest beat-and-raise necessary for the stock to advance from here. Shares are trading at 6x EV/S, 14x EV/FCF on consensus CY17, where the combination of PANW's consistent execution, compelling growth-adjusted valuation, scope for shares gains, and unique mix of high-growth/high profitability supports our view of PANW as a core large cap growth holding in cybersecurity."
Shares of Palo Alto Networks closed at $161.35 yesterday.
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