UPDATE: Oppenheimer Initiates Palo Alto Networks at Perform on Positioning
In a report published on Thursday, Oppenheimer analyst Shaul Eyal initiated coverage on Palo Alto Networks (NYSE: PANW) with a Perform rating and a $47 price target.
In the report, Oppenheimer stated, "PANW is well positioned to benefit from solid trends in the security market such as 1) increased compliance and regulation, 2) Web application security driven by growth in social networks, and 3) networks' complexity and hackers' growing sophistication. While our outlook is positive regarding PANW's ability to grow FY14 revenue by 39%, our stock rating is slightly tempered by: 1) relatively high valuation and 2) ongoing litigation with JNPR which is generating some near-term uncertainty."
Palo Alto Networks closed on Thursday at $44.38.
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