Palo Alto Networks (PANW) PT Lifted to $110 at Piper Jaffray

Piper Jaffray analyst Andrew Nowinski reiterated an Overweight rating, raised estimates and raised his price target on Palo Alto Networks (NYSE: PANW) to $110.00 (from $100.00) following "impressive" Q4 results which solidly beating the Street estimate by 11%.

Nowinski commented, "Upside was driven by record new customer growth, solid uptake of the new high-end 7050 appliance and an increase in WildFire attach rates. The security market is clearly entering a new era, defined by the increasing sophistication and frequency of breaches. We believe Palo Alto is one of the best positioned next-gen vendors capable of thwarting these breaches, leveraging a comprehensive platform approach, which should translate into long-term revenue growth at or above the current trajectory."

The firm raised FY 2015 EPS from $0.67 to $0.69 and FY 2016 EPS from $1.09 to $1.44.

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 $89.28 yesterday.

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• Yageo Corp. (2327:TT) (YAGOY) PT Lowered to NT$656 at HSBC
• Johnson Matthey PLC (JMAT:LN) (JMPLY) PT Raised to GBP21.70 at Barclays