Palo Alto Networks (PANW) PT Lifted to $120 at Piper Jaffray

Piper Jaffray analyst Andrew Nowinski reiterated an Overweight rating on Palo Alto Networks (NYSE: PANW) while boosting estimates and his price target to $120.00 (from $110.00).

Nowinski commented, "Based on the positive results of our 3Q14 Reseller survey, we are raising our estimates and price target to $120 (prev $110). Our 3Q14 survey results indicate demand for Palo Alto improved in Q3 (50% of resellers above plan) and the pipeline for Q4 was even stronger, with 67% of resellers expecting better-than-normal seasonality. In addition,we believe Palo Alto’s endpoint product (Traps) will drive further upside to estimates in FY16."

The firm lifted FY 2015 EPS from $0.69 to $0.72 and FY 2016 EPS from $1.44 to $1.69.

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 $98.18 yesterday.

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