Palo Alto Networks (PANW) Target Lifted to $165 at Imperial Capital
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Rating Summary:
46 Buy, 18 Hold, 0 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 9 | Down: 8 | New: 41
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Imperial Capital analyst Ashok Kumar reiterated an Outperform rating and boosted his price target on Palo Alto Networks (NYSE: PANW) to $165.00 (from $140.00) following strong results.
Kuma commented, "PANW’s ability to upsell into its installed base and sell additional services is key to our investment thesis. PANW reported third consecutive quarter of greater than 50% revenue and billing growth year-over-year (yoy). In addition to strong results, the company reported improving leverage. Operating margins of 12.4% compares to target model of 22-25% over the next six quarters. PANW currently derives 47% of revenues from recurring sources. We are increasing our FY15 revenue estimate to $883mn from $862mn and our non-GAAP EPS to $0.80 from $0.74. For FY16, we are modestly lowering our revenue estimate to $1,174mn from $1,194mn and slightly increasing our non-GAAP EPS estimate to $1.68 from $1.67."
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 $145.98 yesterday.
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