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Raymond James: Palo Alto Networks Continues To Gain Share

Raymond James: Palo Alto Networks Continues To Gain Share

Palo Alto Networks Inc (NYSE: PANW) is moving higher after an analyst reiterated optimism heading into the company’s first-quarter earnings report, scheduled for Thursday.

The Analyst

Raymond James analyst Michael Turits reiterated an Outperform rating.

The Thesis

With no major changes in the competitive landscape, Turits says Palo Alto and Fortinet Inc (NASDAQ: FTNT) are continuing to be viewed as share gainers.

“While channel checks were less biased to the positive than last quarter, most contacts thought the general tone of Palo Alto business was solid and pipelines were good,” Turits wrote in a note.

The analyst also said comments on Traps and Global Protect Cloud Service continue to improve and feedback has been enthusiastic on the and Redlock acquisitions.

Turits said one “nearly ubiquitous concern” in channel conversations is that new management will make changes to the channel program, which would make it more difficult to resell and make margin on cloud and subscription services, impeding the ability for the channel to make platform sales.

“While we see incremental cloud and data opportunity under the new management team, we concur that there is also both operational and strategic risk including the channel,” said Turits.

Price Action

Shares are Palo Alto closed Monday at $170.32, up 2.3 percent.

Related Links:

Analyst: Palo Alto Networks Is No Longer A 'Show Me' Story

Fortinet's Underappreciated Growth Story

Latest Ratings for PANW

Apr 2021KeybancMaintainsOverweight
Feb 2021Argus ResearchMaintainsBuy
Feb 2021MizuhoMaintainsBuy

View More Analyst Ratings for PANW
View the Latest Analyst Ratings


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