Palo Alto Networks (PANW) PT Raised to $200 at Piper Jaffray
Piper Jaffray analyst Andrew J. Nowinski reiterated an Overweight rating and boosted his price target on Palo Alto Networks (NYSE: PANW) to $200.00 (from $185.00) following strong Q4 results.
Nowinski commented, "Palo Alto continues to deliver across all metrics, with FQ4(Jul) results exceeding the Street by the largest magnitude ever (11%). Both revenue (+59% y/y) and billings (+69% y/y) growth accelerated, driven by large deals and competitive displacements (CSCO and CHKP). Wildfire adoption continues to ramp (1,000 new customers), while the Traps endpoint product is taking off faster than expected (150 new customers). These trends support our belief that Palo Alto is one of the best-positioned vendors in the space, capable of delivering best-in-class revenue growth, margin expansion and FCF generation. As such, we are raising our price target to $200 (prev $185)."
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 $11.86 yesterday.