Goldman Sachs analyst Gabriela Borges raised the price target on Palo Alto Networks (NASDAQ: PANW) to $231.00 (from $215.00) while maintaining a Buy rating.

The analyst comments: "We maintain a Buy rating on the stock. Fundamentals have been mixed over the past 4+ quarters, in our view due to industry normalization in network security industry spending, competition in cloud, and moving pieces to the model (such as the mix of financing deals). However, we continue to view Palo Alto as one of only three companies well positioned to have strategic enterprise security conversations to consolidate spend over the medium term, with CrowdStrike and Microsoft the other two. While we expect to see a number of next-gen vendors in AI security, we ultimately believe that this field will consolidate over time in favor of leaders such as Palo Alto, that have the ability and willingness to invest in technology leadership, outsource R&D via M&A, and realize attractive unit economics from cross sell."