Oppenheimer Raises Palo Alto Networks Price Target to $90.00 (PANW)
Oppenheimer lifted their price target on shares of Palo Alto Networks (NASDAQ:PANW) from $80.00 to $90.00 in a research note issued on Tuesday. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price would indicate a potential upside of 5.89% from the company’s current price.
The analysts wrote, “We are raising our PT to $90 from $80 following a round of late-Q checks (25 VARs in US/EMEA) suggesting PANW’s business is tracking ahead of consensus estimates ($161.3/$0.11). We remain positive on the shares for the following reasons: 1.) Continued strength across all core products and geographies (the Americas generates ~66% of total revenue) 2.) PANW’s high-end appliance (PA-7050) is gaining further momentum 3.) Solid traction of Wildfire (APT solution) and 4.) We continue to see PANW as a market disruptor in the network security market. Reiterate our Outperform rating.”
Several other analysts have also recently commented on the stock. Analysts at Stifel Nicolaus initiated coverage on shares of Palo Alto Networks in a research note on Thursday, August 28th. They set a “buy” rating and a $100.00 price target on the stock. Separately, analysts at Imperial Capital initiated coverage on shares of Palo Alto Networks in a research note on Thursday, August 14th. They set an “outperform” rating and a $95.00 price target on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares of Palo Alto Networks in a research note on Tuesday, August 12th. They set an “overweight” rating and a $100.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $87.61.
Shares of Palo Alto Networks (NASDAQ:PANW) traded up 4.81% during mid-day trading on Tuesday, hitting $89.08. 3,312,468 shares of the company’s stock traded hands. Palo Alto Networks has a one year low of $40.36 and a one year high of $87.79. The stock has a 50-day moving average of $81.80 and a 200-day moving average of $74.39. The company’s market cap is $6.866 billion.
Palo Alto Networks, Inc offers a network security platform that allows enterprises, service providers, and government entities to secure their networks.
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