Palo Alto Networks (PANW) PT Raised to $230 at Needham

Needham analyst Matt Dezort raised the price target on Palo Alto Networks (NASDAQ: PANW) to $230.00 (from $225.00) while maintaining a Buy rating.

The analyst commented: "PANW delivered FY2Q results above consensus estimates and issued FY3Q and full-year guidance in line to above the Street forecasts. Our takeaways: (1) RPO grew 26% yr-yr to $13B, meeting the high-end of guidance for $12.9-$13.0B as large, platformization deal momentum accelerates. PANW landed their largest deals ever in EMEA and APAC in 2Q, both >$50M; (2) Platformized customers grew to 1,150 as PANW added +75 new in 2Q (vs. 45 a year ago) and >$5M deals grew +25% yr-yr and >$10M deals were +52%; (3) PANW extended FCF margin targets for 37%-38%+ through FY27 as visibility to deferred payments, operating efficiencies, and AI are expanding as larger, more efficient platform deals roll in; NGS ARR grew 37% yr-yr to $4.78B driven by advanced subscriptions, SASE (Bookings +50% yr-yr), and Cortex/XSIAM."

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