Cowen and Company Reiterates Market Perform Rating, $43 PT on Palo Alto Networks as Legal Risk Remains Meaningful

In a report published Tuesday, Cowen and Company analyst Gregg Moskowitz reiterated a Market Perform rating and $43.00 price target on Palo Alto Networks PANW. In the report, Cowen and Company noted, “Our legal consultants from Wolf, Greenfield & Sacks P.C. (WGS) sat in on Friday's Markman hearing in Delaware between PANW and Juniper (JNPR, $19.59, Silverstein, Market Perform). We believe the three most significant changes for WGS following the hearing were: 1) a deeper understanding of the inner workings of PANW's technology, 2) the belief that infringement of patent '459 now looks less likely than prior, and 3) a more resolute belief in JNPR's merits on patent '347 vs. prior. Net, WGS' overall conclusion is unchanged in that it continues to believe JNPR holds a legal advantage as to the question of infringement.” Palo Alto Networks closed on Monday at $44.45.