Palo Alto Networks (PANW) PT Raised to $348 at Argus

Argus analyst Joseph Bonner raised the price target on Palo Alto Networks (NASDAQ: PANW) to $348.00 (from $336.00) while maintaining a Buy rating.

The analyst comments "We are maintaining our BUY rating on Palo Alto Networks Inc. (NYSE: PANW) and raising our target price to $348 from $336. After a strong run up in the last year, the market gave PANW shares a drubbing after management announced its new go-to-market strategy, which necessitated it lowering FY24 revenue and billings guidance, as well as providing a forecast for further deceleration in FY25. If we thought there was any deterioration in the demand environment for cybersecurity software or there was some competitive or execution issue, we might agree with the market. However, the cybersecurity environment is, if anything, getting more toxic as generative AI may be used for both good and ill. Palo Alto continues to stand out from its sector peers with not just best-in-class technology integrated into a comprehensive cybersecurity platform, but also its rapid product innovation cycle, focused on next-generation cloud security, secure access at the service edge, and automated security operations. We expect the company to continue to invest in its next-generation cybersecurity services."

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