Palo Alto Networks (PANW) ARR Maintains High Growth Despite Macro, PT Lowered to $615 at BMO Capital Embraces

BMO Capital analyst Keith Bachman lowered the price target on Palo Alto Networks (NASDAQ: PANW) to $615.00 (from $685.00) after the company reported impressive NGS ARR of $1.61B, which grew 65% y/y compared to 70% y/y last quarter on strong traction across Prisma Cloud, Prisma SASE, and Cortex within both the new and existing customer bases.

The analyst reiterated an Outperform rating, stating "We think PANW can sustain high 20% FCF growth over the next few years. Further, we believe investors will continue to prefer stocks with valuation frameworks based on reasonable FCF multiples rather than on growth stories with weak margins/FCF."

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