Rosenblatt on Palo Alto Networks (PANW): 'We expect a solid print'

Rosenblatt analyst Catherine Trebnick reiterated a Buy rating and $250.00 price target on Palo Alto Networks (NASDAQ: PANW)

The analyst comments "The company reports on Friday, August 18, after the market close. The company's stock price has fallen by 8% since the earnings announcement on August 2, hit with an unusual earning date, and in sympathy with FTNT's underperformance that printed on 8/3. A few thoughts on this odd Friday two-hour call. 1) Investors are concerned the company's performance could be lackluster. 2) Management has a tight schedule, with SKO on August 21. 3) The earnings call is two hours long, which is unusual. The expectation is Mgmt. will provide new two-year target metrics with analysts taking the weekend to digest the material. The last time the company reported on a Friday was five years ago. PANW did miss estimates, and the product segment generated 39% of total revenue vs. today, where IT trends support platform-based solutions; the company has three platforms, and the product segment is <25% of total revenue. We expect a solid print, with billings/ revenue of 18%/26% Y/Y in line with Street estimates and midpoint to mgmt guide. We are maintaining our Buy rating and PT of $250."

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 $219.34 yesterday.

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