Jefferies analyst Joseph Gallo maintained a Buy rating on Palo Alto Networks (PANW – Research Report) today and set a price target of $365.00.
Joseph Gallo has given his Buy rating due to a combination of factors surrounding the recent leadership change at Palo Alto Networks. The appointment of Dan Campbell as the new President of North America Sales is seen as a strategic advantage, particularly because of his previous role as the President of Arrow ECS in North America. Gallo perceives Campbell’s experience as beneficial, particularly in the context of Palo Alto Networks’ shift towards a platformization strategy which has raised concerns about its impact on the sales channel.
Furthermore, Gallo acknowledges that while leadership transitions can introduce some temporary disruptions, they are often followed by a period of positive change. He notes that North America is Palo Alto Networks’ largest market, and Campbell’s familiarity with the challenges of the sales channel could be instrumental in navigating the company’s new strategy. Gallo’s outlook suggests a confidence in the company’s management and strategic direction, reinforcing the Buy rating for Palo Alto Networks’ stock.
In another report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $330.00 price target.
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Palo Alto Networks (PANW) Company Description:
California-based Palo Alto Networks, Inc., founded in 2005, is a global cybersecurity leader. The company provides network security solutions to enterprises, service providers, and government entities.
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