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Palo Alto Networks' Opportunities After The Pandemic Turn RBC Bullish

Palo Alto Networks' Opportunities After The Pandemic Turn RBC Bullish

With a wide portfolio of products, Palo Alto Networks Inc (NYSE: PANW) is well-positioned in the cybersecurity space, according to RBC Capital Markets.

The Palo Alto Networks Analyst: Matthew Hedberg upgraded Palo Alto Networks from Sector Perform to Outperform and raised the price target from $292 to $380.

The Palo Alto Networks Thesis: The company has made significant changes, including $2.7 billion invested in cloud-based mergers and acquisitions and a sales realignment to improve its position in cloud security, Hedberg said in the upgrade note.

“Additionally, in a post-COVID-19 world that moves "Faster to the Future", we believe security transformations often precede digital transformations and while we remain bullish on next-gen security vendors, we increasingly believe PANW is in a strong position to consolidate security spend, which could also be aided by the increase in recent cyber attacks,” the analyst said. 

Although the company’s shares have surged after it reported first-quarter results, the stock valuation “remains attractive,” he said. 

PANW Price Action: Shares of Palo Alto Networks were up 1.16% at $321.26 at last check Wednesday. 

Latest Ratings for PANW

Feb 2021Argus ResearchMaintainsBuy
Feb 2021MizuhoMaintainsBuy
Feb 2021DA DavidsonMaintainsBuy

View More Analyst Ratings for PANW
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Posted-In: Matthew Hedberg RBC Capital MarketsAnalyst Color Upgrades Price Target Analyst Ratings Tech Best of Benzinga

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