Palo Alto Networks (PANW) PT Lifted to $130 at Piper Jaffray on 'Impressive' Results

Piper Jaffray analyst Andrew Nowinski reiterated an Overweight and boosted his price target on Palo Alto Networks (NYSE: PANW) to $130.00 (from $120.00) following Q1 results.

Nowinski commented, "Palo Alto reported another impressive quarter, beating the Street estimate by ~$11M or 6%. Upside was again driven by strong new customer growth (+2,000 new customers), ramping adoption of WildFire (+1,000 new customers) and record billings (+52% y/y). With the security market entering a new era, defined by the increasing sophistication and frequency of breaches, we remain confident that Palo Alto is one of the only vendors in the market capable of thwarting these breaches. As such, Palo Alto remains our highest conviction idea and therefore we reiterate our Overweight rating and raise our price target to $130 (previously $120)."

The firm raised FY15E EPS to US$0.72 from US$0.75 and set FY16E EPS at US$1.69.

For an analyst ratings summary and ratings history on Palo Alto Networks click here. For more ratings news on Palo Alto Networks click here.

Shares of Palo Alto Networks closed at $113.26 yesterday.

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