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UPDATE: BMO Capital Markets Initiates Palo Alto Networks at Market Perform on Market Share Dependence

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BMO Capital Markets initiated coverage on Palo Alto Networks (NYSE: PANW) with a Market Perform rating and a $58.00 price target.

BMO Capital Markets commented, "During our diligence, we spent considerable time analyzing PANW's technology edge, separating fact from marketing hype. We conclude that PANW's edge is real and is rooted more in performance than in functionality breadth. However, we worry that overall enterprise firewall spending is slowing and that competition is likely to get even more intense in 2013. PANW shares trade at a discount to the high-growth software peer group, but in our view, this may be justified given PANW's dependency on share gains rather than overall market expansion as well as the risk associated with the Juniper lawsuit."

Palo Alto Networks closed at $57.60 on Monday.

Latest Ratings for PANW

DateFirmActionFromTo
Jul 2015Cleveland ResearchInitiates Coverage onBuy
Jul 2015Deutsche BankMaintainsBuy
Jul 2015JP MorganInitiates Coverage onOverweight

View More Analyst Ratings for PANW
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Initiation Analyst Ratings

 

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