Credit Suisse Upgrades Palo Alto Networks (PANW) to Outperform
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Credit Suisse analyst Brad Zelnick upgraded Palo Alto Networks (NYSE: PANW) from Neutral to Outperform with a price target of $425.00 (from $385.00).
The analyst comments "We upgrade Palo Alto Networks shares to Outperform from Neutral, as we see the company well positioned heading into, what we believe, will be a strong spending environment in 2021. Specifically, we see strong demand driven by (1) an acceleration of Zero Trust / SASE spend; (2) a NT step up in incident response, managed services and threat hunting as organizations look to known vendors to scrub IT estates for potential vulnerabilities related to Sunburst; (3) multiple spending cycles converging; and (4) a strong US Federal opportunity towards the back half of the year. Ultimately, we see PANW as well positioned to leverage its strong brand, large installed base, and relatively broad next gen security portfolio to capture incremental wallet share."
Shares of Palo Alto Networks closed at $367.00 yesterday.
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