Palo Alto Networks (PANW) PT Raised to $410 at Stifel after 'Strong Checks'

Stifel analyst Adam Borg raised the price target on Palo Alto Networks (NASDAQ: PANW) to $410.00 (from $280.00) while maintaining a Buy rating.

The analyst commented, "Palo reports F2Q24 results on 2/20 AMC. Following Palo’s January quarter, we spoke with five cybersecurity VARs/SIs for an updated view on overall business trends as well as a closer look at their Palo-specific results.

Building off positive commentary and results from our C4Q23 Cybersecurity VAR Survey, partner feedback was positive on both 1) ongoing secular tailwinds driving another solid year for well-positioned cyber vendors (including Palo) and 2) a strong F2Q Palo quarter, including several large partners finishing nicely above expectations given ongoing traction across the portfolio (core firewall, SASE, SecOps) leading to 7/8-figure deals.

Net/net, we believe checks point to an in-line to modestly-above print and at least a reaffirmed guide. We continue to believe Palo is a core cyber holding, and we remain bullish on its strategy, positioning, recent acquisitions, and ability to consolidate cyber spend in coming years. Raising TP to $410"

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