Palo Alto Networks (PANW) PT Raised to $350 at Piper Sandler on Increased Confidence

Piper Sandler analyst Rob Owens raised the price target on Palo Alto Networks (NYSE: PANW) to $350.00 (from $300.00) while maintaining an Overweight rating.

The analyst commented, "As digital transformation and the shift to cloud have had a pervasive impact on the broader technology markets, we are raising our target on PANW to $350 from $300, predicated on increased confidence in forward growth. This increase is based on our view that current cloud and digital transformation trends will create more durable growth tailwinds over the medium term given Palo Alto's broad portfolio and relative exposure. We believe this is corroborated by our 2021 CIO Survey, direct channel conversations as well as recent results from the company. We view PANW as a strong beneficiary of these trends, with impressive early growth in next-gen security business coupled with sustained core firewall leadership. We have increased our medium-term growth outlook and expect the company's multi-pronged approach to drive both existing customer spend and strong new customer acquisition. Raising our PT to $350 and remain Overweight on shares."

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