Redburn Starts Palo Alto Networks (PANW) at Buy
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Redburn analyst Nina Marques initiates coverage on Palo Alto Networks (NASDAQ: PANW) with a Buy rating, PT $270.00.
The analyst comments "Palo Alto can deliver both growth and free cash flow margins at an attractive valuation. This is supported by our view of Palo Alto as the leader in its main area of network security and see continued strong demand for firewall security. Furthermore, we believe the current valuation underappreciates the company’s shift from a traditional security vendor to a next-gen platform. Top-line growth will be bolstered by its new product areas: Prisma Cloud, Prisma SASE and Cortex. Additionally, in an uncertain macro environment, Palo Alto remains the most defensive of the cybersecurity companies in our launch coverage."
Shares of Palo Alto Networks closed at $169.90 yesterday.
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