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UPDATE: BMO Capital Markets Initiates Palo Alto Networks at Market Perform on Market Share Dependence

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Palo Alto Networks Security Platform Has Industry Disruptive Potential
Benzinga's Top Upgrades, Downgrades For October 10, 2017

BMO Capital Markets initiated coverage on Palo Alto Networks (NYSE: PANW) with a Market Perform rating and a $58.00 price target.

BMO Capital Markets commented, "During our diligence, we spent considerable time analyzing PANW's technology edge, separating fact from marketing hype. We conclude that PANW's edge is real and is rooted more in performance than in functionality breadth. However, we worry that overall enterprise firewall spending is slowing and that competition is likely to get even more intense in 2013. PANW shares trade at a discount to the high-growth software peer group, but in our view, this may be justified given PANW's dependency on share gains rather than overall market expansion as well as the risk associated with the Juniper lawsuit."

Palo Alto Networks closed at $57.60 on Monday.

Latest Ratings for PANW

DateFirmActionFromTo
Oct 2017Morgan StanleyUpgradesEqual-WeightOverweight
Sep 2017Imperial CapitalUpgradesIn-LineOutperform
Sep 2017Summit Redstone PartnersUpgradesHoldBuy

View More Analyst Ratings for PANW
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Initiation Analyst Ratings

 

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