UPDATE: Topeka Capital Markets Raises PT to $69 on FQ2 Billings Growth

Topeka Capital Markets maintained Palo Alto Networks (NYSE: PANW) with a Buy rating and raised the price target from $65.00 to $69.00.Topeka Capital Markets commented, "We are reiterating our Buy rating and raising our target price to $69 (from $65) to reflect an increase in our FY13 and FY14 estimates. While revenue growth accelerated as expected in 2Q, the YoY 70% increase was above our 64% estimate. Even more spectacular was the 82% YoY increase in billings in 2Q which compared to 45% YoY growth in 1Q and our 66% estimate."Palo Alto Networks closed at $58.55 on Friday.