Why Pacific Crest Is Yelling 'Up, Up And Away' At Palo Alto Networks

In a report published Monday, Pacific Crest Securities analyst Rob Owens maintained an Outperform rating on

, while raising the price target from $130 to $150. In the report, Pacific Crest Securities noted, "We are raising our price target to $150 as momentum remains impressive and expectations are beatable. Ramping FCF gives us confidence that shares can head higher. We believe PANW is the premier name in network security and a core holding." Owens cited 5 things to look for in the company's FQ2 Earnings Call as: "1. Strength in network security markets leads to another quarter of upside to product revenue 2. Signs of margin lift as the company heads toward its long-term profitability model 3. High subscription attach rates drive another quarter of 40%-plus billings growth 4. StrengthinadoptioninpaidWildFiresolutionshowscompetitivewinsinAPT space 5. Early wins on TRAPS endpoint solution and traction of PA-7050"