Baird Reiterates Outperform on Palo Alto Networks (PANW) Ahead of 2Q as Channel Commentary Remains Favorable

Baird maintained an Outperform rating on Palo Alto Networks (NYSE: PANW), and cut the price target to $180.00 (from $210.00), ahead of the company's 2Q earnings report. Baird is expecting Palo Alto Networks to deliver another strong quarter based on channel commentary. Baird's FQ2 estimates for revenue/non-GAAP EPS of $318 million/$0.38 are in -line with the Street consensus.

Analyst Jayson Noland commented, "Our channel commentary continues to be favorable re: Palo Alto Networks, and we continue to expect the company to distance itself from peers in C16. We lowered our price target to reflect the valuation reset across the space. We also lowered estimates slightly to reflect a more difficult macro. Palo will prove to be more resilient than most too economic volatility but no one in Enterprise IT is immune. We see the YTD pullback as a buying opportunity for long-term money."

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 $130.14 yesterday.

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