UPDATE: UBS Upgrades Palo Alto Networks (PANW) to Buy

(Updated - July 11, 2013 11:15 AM EDT)

UBS upgraded Palo Alto Networks (NYSE: PANW) from Neutral to Buy with a price target of $55. Analyst Brent Thill does not think the stock's valuation reflects the company's market position.

"Our Neutral rating had been predicated on valuation, competition, Juniper (NYSE: JNPR) litigation uncertainties. Our new Buy rating reflects; 1) the material contraction in valuation over the past year with valu ation now unjustifiably inline with comps given its 2x faster growth profile, 2) our checks suggest chief market share givers Cisco (Nasdaq: CSCO) and JNPR are, and are expected to remain, uncompetitive, and 3) with regards to the litigation with JNPR we believe management will do what's in the best interest of shareholders."

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 $44.22 yesterday.

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