Palo Alto Networks (PANW) PT Raised to $120 at Northland Capital Markets on 'Robust' Q1
Northland Capital Markets analyst Jeff Kvaal reiterated an Outperform rating and boosted his price target on Palo Alto Networks (NYSE: PANW) price target of $120.00 (from $115.00) following 'robust' Q1 results.
Kvaal commented, "Palo Alto delivered robust 1Q results and laid the foundation for further upside in coming quarters. We are lifting our high end estimates once again. We are raising our price target from $115 to $120 on 9x price to sales...though admit PE valuations require some contortions."
The firm raised Q2 EPS from $0.15 to $0.18 and FY 2015 EPS from $0.71 to $0.79.
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Shares of Palo Alto Networks closed at $113.26 yesterday.