Jefferies Reiterates Buy Rating on Palo Alto Networks (PANW) Into Earnings
Jefferies analyst Joseph Gallo reiterated a Buy rating and $220.00 price target on Palo Alto Networks (NASDAQ: PANW) ahead of earnings.
The analyst commented, "PANW is positioned to meet F1Q billings guide of 22% yoy though the size of the beat is likely lower than the last 2 Qs as macro turbulence persists even in large platforms. While macro's to be expected & it may fall victim to some F1Q black ice, PANW set prudent FY23 guidance (underpinned by 40% RPO growth last Q) which we don't expect to be revised down though the magnitude of upside may be less. PANW is our fav cyber platform, trading at 20x EV/CY23E FCF."
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Shares of Palo Alto Networks closed at $161.73 yesterday.