Palo Alto Networks (PANW) PT Raised to $200 at Piper Sandler; 'F'2Q Results Offer Something for Everyone'

Piper Sandler analyst Rob Owens raised the price target on Palo Alto Networks (NASDAQ: PANW) to $200.00 (from $193.00) while maintaining a Neutral rating.

The analyst commented: "F'2Q Results Offer Something for Everyone; Revenue and margins beat expectations and longer-term FCF concerns appear to be quashed for now, but the amount of upside failed to live up to expectations, bookings growth slowed q/q, a lack of a raise to RPO and NGS ARR coupled with softer than expected FCF all contributed to keeping a healthy debate alive. Underpinning this, success in large deals persisted and there is evidence of a refresh cycle playing out. We continue to see a balanced setup for the stock going forward. Remain Neutral at a slightly higher $200 PT."

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