Palo Alto Networks (PANW) PT Lowered to $200 at Needham

Needham analyst Matt Dezort lowered the price target on Palo Alto Networks (NASDAQ: PANW) to $200.00 (from $230.00) while maintaining a Buy rating.

The analyst commented: "Palo Alto Networks reported consistently solid results, with 2QFY26 earnings exceeding expectations on an organic basis. Management's updated 3QFY26 & FY26 outlook was in line with consensus estimates for NGS ARR, RPO and Revenue on an organic basis, while Operating Margin, EPS and Free Cash Flow Margin were lowered to account for the carrying cost of the Chronosphere and CyberArk acquisitions. While management did not specify the acquired cost-base, the company reaffirmed (1) an Adjusted Free Cash Flow Target of 40% in FY28, with 37% in FY26 & FY27; and (2) FY30 NGS ARR of $20 Billion. Palo Alto has already set CyberArk integration plans in motion, supporting management commentary for a swift integration timeline. Separately, the company also announced its intention to acquire Koi Security."

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