Palo Alto Networks' (PANW) Price Target Raised to $210 at Pacific Crest

Pacific Crest maintained an Overweight rating on Palo Alto Networks (NYSE: PANW) and raised its price target to $210.00 (from $190.00). The change follows strong Q1 results.

Analyst Rob Owens said, "FQ1 was an impressive quarter by all measures, with meaningful beats for demand-related metrics and profitability. Given the strength in the quarter, we are meaningfully increasing our revenue, earnings and cash flow estimates for F2016 and F2017, as we continue to believe PANW is best positioned to become the dominant security platform. Given the strong increase in our FCF outlook, we are increasing our target to $210 from $190, applying the same 33x FCF multiple as for our prior target. We remain buyers of PANW."

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 $172.02 yesterday.

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