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

View More Analyst Ratings for PANW
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Posted-In: BMO Capital MarketsAnalyst Color Initiation Analyst Ratings

 

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