Palo Alto Networks (PANW) PT, Estimates Raised at Needham & Company Amid Strong Q1
Needham & Company analyst Scott Zeller reiterated a Buy rating and boosted his price target on Palo Alto Networks (NYSE: PANW) to $123.00 (from $110.00) following strong Q1 results.
Zeller commented, "The Palo Alto Networks OctQ results were strong, with a “beat” on revenue and EPS. Guidance was modestly above the Street for F2Q(Jan), yet PANW often guides conservatively. We believe PANW continues to benefit from news about corporate data breaches, and as a mindshare leader in “next gen firewall” PANW is likely being short-listed on most large network security deals. Our view is that PANW is sought after as being the only “new platform” among enterprise-class network security providers, and is viewed as leading-edge technology. We believe guidance for JanQ is conservative, as deals are likely getting larger for PANW."
The firm raised FY 2015 EPS from $0.74 to $0.78 and FY 2016 EPS from $0.97 to $1.27.
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Shares of Palo Alto Networks closed at $113.26 yesterday.