Shares of Palo Alto Networks PANW saw a strong increase in share price Wednesday following an upbeat earnings report after hours Tuesday.
Several analysts commented on the company following earnings Wednesday:
Deutsche Bank - Reiterated Buy Rating; raised price target to $100.
Analyst Karl Keirstead noted that Palo Alto Networks reported revenues well above Street estimates and predicts a long runway for future growth.
Pacific Crest - Maintained Outperform rating; $105 price target.
Analysts at the firm declare Palo Alto Networks as their top pick in network security and feel the company offers the “next-generation of security platform.”
FBN Securities - Maintained Outperform rating; raised price target to $110.
Shebly Seyrafi noted Palo Alto Networks’ increased revenue estimates for fiscal first quarter along with increased Next Generation Firewall margins.
Topeka Capital Markets - Reiterated Buy rating; raised price target to $100.
Analysts point out the most “stunning” metric from the earnings report is the 64 percent year over year billings growth.
JMP Securities - Maintained Outperform rating; raised price target to $120.
Analysts cited Palo Alto Networks’ accelerated billings, revenues, customer acquisition, and customer lifetime value will add upside to the company's shares.
Shares of Palo Alto Networks Closed Wednesday’s session at $98.75 up 10.6 percent
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