Baird Remains Bullish on Palo Alto Networks (PANW) Following a Las Vegas User Conference

Baird reiterated an Outperform rating and $180.00 price target on Palo Alto Networks (NYSE: PANW) following a user conference in Las Vegas. Management expects to remain at 30%+ revenue growth for “years to come.” PANW also says that buyers are becoming less likely to buy a Firewall or IPS or URL filter without considering the rest of the security architecture.

Analyst Jayson Noland commented, "We attended the investor track at the Palo Alto user conference in Las Vegas yesterday. The company introduced a number of software updates with conference attendance up 50% YoY to 3000 participants. Management was very confident in continued high revenue growth and FCF margin. We continue to believe Palo Alto has an excellent chance to become the market leader and de facto standard in IT Security."

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 $161.59 yesterday.

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