Palo Alto Networks (PANW) PT Raised to $550 at Jefferies

Jefferies analyst Brent Thill raised the price target on Palo Alto Networks (NYSE: PANW) to $550.00 (from $450.00) while maintaining a Buy rating.

The analyst commented, "PANW raised FY24 billings 12% above cons. w/ improving profitability as it capitalizes on the foundation of M&A/product work accomplished in the past 3 years to build a platform connecting network, cloud and SOC security. M&A will slow as it digests >$3B of deals in past 3 years as PANW shifts its focus to GTM and productivity gains. At 6.5x EV/CY22E rev, PANW is one of the more compelling value names, delivering >20% rev growth/ OPM LT. Remain Buy, PT to $550."

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