In a report published Thursday, Morgan Stanley analyst Keith Weiss upgraded the rating on Palo Alto Networks PANW from Equal-Weight to Overweight, and reiterated the $65.00 price target.
In the report, Weiss noted, “Enterprise demand for Next Gen Firewalls is ramping as the threat environment intensifies and cloud-based apps proliferate. With its best-in-class technology and strong distribution, PANW is best-positioned to benefit from that rising demand, in our view. We forecast 35%+ revenue growth through CY14, amongst the highest in Software. However, the current 24X EV/ CY14 FCF multiple implies forward growth closer to 20-25%. Positive fieldwork and easing comps ahead sets up PANW to continue exceeding consensus expectations, a trend that should push shares towards our $65 price target, or ~30% above current levels.”
Palo Alto Networks closed on Wednesday at $52.63.
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