Palo Alto Networks (PANW) PT Raised to $550 at Jefferies
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Rating Summary:
46 Buy, 18 Hold, 0 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 5 | Down: 3 | New: 5
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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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