UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Palo Alto Networks as Next Phase of the Litigation Nears

In a report published Thursday, Jefferies analyst Aaron Schwartz reiterated a Hold rating on Palo Alto Networks PANW, but lowered the price target from $51.00 to $48.00. In the report, Jefferies noted, “The next phase of the patent litigation process will occur on November 15 with hearings for both claim construction and summary judgment. We continue to believe it is early to have strong opinion on infringement but the claim construction hearing could provide directional indication as to how the case may proceed. With still unclear findings of the case and a near term timeline, we expect the uncertainty to continue to impact the stock.” Palo Alto Networks closed on Wednesday at $41.45.