Cowen Raised Price Target on Palo Alto Networks (PANW) Ahead of Q3 Results
Cowen maintains a Market Perform rating on Palo Alto Networks (NYSE: PANW), and raised the price target to $175.00 (from $165.00), leading up to 3Q earnings report. PANW is scheduled to release Q3 earnings results tomorrow after the close of market.
Analyst Gregg Moskowitz commented on PANW, saying, "We remain very favorable on PANW's strategy and expect to see strong growth in FY15-16. Our checks indicate the co. continues to gain more momentum within its installed base, while new customer acquisition remains healthy. With that said, valuation is our primary concern, and we view our FY15 bookings growth forecast of 47% as having upside potential, but likely not subject to large moves north."
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 $163.84 yesterday.