JPMorgan Upgrades Palo Alto Networks (PANW) to Neutral
JPMorgan analyst Sterling Auty upgraded Palo Alto Networks (NASDAQ: PANW) from Underweight to Neutral with a price target of $620.00 (from $600.00).
The analyst comments "Palo Alto Networks is the leading independent network security company targeting one of the largest segments of the cybersecurity industry with one of the best integrated product lines (platforms) on the market. The combination of its market-leading technology, breadth of solutions that tie together network, endpoint, and orchestration/analytics along with solid go-to-market is helping the company gain market share against legacy incumbents like CHKP and CSCO. PANW has made a series of cloud asset acquisitions and built out a solid cloud portfolio. Our N rating is a reflection of the opportunity we see in cloud security with the risk of on premise appliance demand fading."
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Shares of Palo Alto Networks closed at $475.51 yesterday.