UPDATE: Bank Of America Reiterates On Palo Alto Networks Inc On Strong Revenue Growth

In a report published Wednesday, Bank of America analyst Tal Liani reiterated a Neutral rating on

, and raised the price target from $85.00 to $97.00. In the report, Bank of America noted, “Revenues of $178.2mn grew 18.3% QoQ and 58.6% YoY, above our/Streets estimates of $161.3mn. Revenue was strong across the board, with products up 18% to $99.7mn, driven by data center and carrier strength. Services rose 18% to $78.5mn led by increased adoption of Wildfire and other subscriptions. EPS of 11c was in-line with our/Street estimates as strong growth in revenues was offset by increased investment in new product launches and integration costs related to the acquisitions of Cyvera and Morta. F1Q15 revenue guidance of $178-182mn ($180mn mid-point) is above consensus of $173mn, butEPS of 12c is in-line.” Palo Alto Networks closed on Tuesday at $89.28.