Citizens analyst Rustam Kanga raised the price target on Palo Alto Networks (NASDAQ: PANW) to $415.00 (from $320.00) while maintaining a Market Outperform rating.

The analyst commented, "We are raising our price target to $415 from $330. Palo Alto Networks currently trades at a 53.5x CY27E EV/FCF multiple, while our revised $415 price target implies 57.9x EV/FCF (our prior $330 PT implied 46.0x). This represents a premium to the mean multiple of 33.8x for the peer group. We believe this valuation is warranted given the company’s ambitious platform strategy and intelligent product expansion efforts to consolidate a wide swath of the total addressable cybersecurity market."