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UPDATE: Bank of America Initiates Palo Alto Networks at Neutral, $65 PO

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Bank of America has initiated the coverage of Palo Alto Networks (NYSE: PANW) with a Neutral rating and $65 price objective.

Bank of America noted, "We are initiating coverage on Palo Alto Networks (PAN) with a Neutral rating and $65 PO. We favor the company's technological disruption, creating a new product category of Next-Generation Firewalls, as well changing the pricing model for the industry. However, growing competition and valuation considerations keep us cautious, with a $65 PO, based on a ~6x our 2015E EV/Sales multiple."

Palo Alto Networks closed at $51.96 on Thursday.

Latest Ratings for PANW

DateFirmActionFromTo
Feb 2016Maxim GroupInitiates Coverage onBuy
Jan 2016Northland SecuritiesInitiates Coverage onOutperform
Dec 2015Evercore ISI GroupInitiates Coverage onBuy

View More Analyst Ratings for PANW
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Initiation Analyst Ratings

 

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