Palo Alto Networks gains as Citizens reiterates Market Outperform rating

Shares of Palo Alto Networks (NASDAQ:PANW [https://seekingalpha.com/symbol/PANW]) gained nearly 1.5% on Monday during early trading hours after Citizens reiterated its Market Outperform rating and raised its price target (PT) to $250 from the previous PT of $212.

The brokerage firm highlighted that Palo Alto’s acquisition of CyberArk has a strong strategic rationale and long-term benefits for the company. Additionally, the cybersecurity solution provider is in a favorable position in the artificial intelligence security opportunity, reinforced by a robust platform.

“Early signals from our survey, which indicate the company is in a leading position to capture the next major industry opportunity,” noted Citizens' analyst Trevor Walsh, adding that, “we view the platformization strengths and AI tailwinds as key advantages that ZS and CRWD do not fully share, leaving PANW with ample room for multiple expansion even when considering top-line growth rate dynamics.”

Earlier this month, BTIG also rated [https://seekingalpha.com/news/4503646-palo-alto-networks-gains-after-btig-upgrades-to-buy] Palo Alto Networks as a Buy and set a PT of $248, saying that the company should be able to sustain high teens FCF growth in the next few years.

Since the start of the year, PANW shares have gained over 20%, compared to nearly 16.5% rise in the broader S&P 500 index (SP500 [https://seekingalpha.com/symbol/SP500#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]).

Seeking Alpha's Quant [https://seekingalpha.com/symbol/PANW/ratings/quant-ratings#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews] recommended the stock as a Hold, while the Wall Street analysts [https://seekingalpha.com/symbol/PANW/ratings/sell-side-ratings#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews] and Seeking Alpha analysts [https://seekingalpha.com/symbol/PANW/ratings/author-ratings] see the company as a Buy.

MORE ON PALO ALTO NETWORKS

* Palo Alto Networks: Excellent Execution Amid Tailwinds [https://seekingalpha.com/article/4830083-palo-alto-networks-excellent-execution-amid-tailwinds]
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