UPDATE: Stifel Nicolaus Initiates Palo Alto Networks at Buy on Revenue Growth
Stifel Nicolaus initiated its coverage on Palo Alto Networks (NYSE: PAWN) with a Buy rating and a price target of $75 a share.
Stifel Nicolaus noted, "As a pioneer of Next Generation Firewalls, we believe that Palo Alto has emerged as a disruptor in the network security market. We believe this is evidenced by the company's significant revenue growth. We continue to see a positive market backdrop for network security and think that Palo Alto is well positioned to generate above average industry growth over the medium term. We believe the company should continue to benefit from an early mover advantage with the key question revolving around sustainability. We believe the early stage of Palo Alto's operating model should set the stage for meaningful margin expansion over time."
Palo Alto Networks closed at $60.93 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.