Shaul Eyal, an analyst from TD Cowen, reiterated the Buy rating on Palo Alto Networks (PANW – Research Report). The associated price target is $350.00.
Shaul Eyal has given his Buy rating due to a combination of factors that indicate a strong future for Palo Alto Networks (PANW). Firstly, the overall demand for security remains robust, which bodes well for the company. Eyal is particularly optimistic about PANW’s platform strategy, which is expected to outshine individual best-in-class solutions. By removing obstacles to purchasing and fostering platform adoption, PANW is on a promising path toward achieving its 2030 Next-Generation Security (NGS) Annual Recurring Revenue (ARR) goal of $15 billion. This strategic direction is viewed as a significant growth driver for the company.
Despite some short-term challenges, such as a decrease in billings and revenue guidance, and unexpected weakness in the federal sector, Eyal believes the company’s long-term fundamentals remain strong. PANW’s initiatives to combat ‘Spending Fatigue’ among customers by providing a more integrated and efficient platform resonate well with the market’s need for streamlined cyberdefense solutions. Furthermore, PANW’s efforts to reduce purchase frictions and displace competitors through aggressive marketing tactics are seen as sound strategies, provided they are well executed. Eyal’s confidence in PANW’s strategic initiatives and market positioning underpins the Buy rating.
Eyal covers the Technology sector, focusing on stocks such as Palo Alto Networks, Verint Systems, and Okta. According to TipRanks, Eyal has an average return of 28.4% and a 69.62% success rate on recommended stocks.
In another report released on February 27, Jefferies also maintained a Buy rating on the stock with a $365.00 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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