BTIG analyst Joel Fishbein was out pounding the table on Palo Alto Networks Inc (NYSE:PANW) Monday, reiterating a Buy rating and price target of $210, which implies an upside of 19% from current levels.

Fishbein wrote, “In light of its standout financial performance and the general investor euphoria over security stocks, it’s not surprising that some have questioned PANW’s valuation. Enterprise value is $15 billion, or about twice the size of the entire firewall/VPN market. PANW trades at above 10x EV/revenues, among the highest of any software company. As outlined in our initiation on 9/10/15, we have comfort in the long-term sustainability of the company’s growth based on its technology and product lead, a high-priority demand environment that underpins large and expanding end markets, and solid execution.”

“While we believe that the current valuation requires that Palo Alto emerge as a leading vendor in the firewall market (with a 25% share) and hundreds of millions in added revenue from ancillary markets like endpoint, we see 12-month upside in the stock to the low $200’s, consistent with our current target,” the analyst added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joel Fishbein has a total average return of 16.0% and a 66.7% success rate. Fishbein is ranked #368 out of 3764 analysts.

Out of the 26 analysts polled by TipRanks, 24 rate Palo Alto Networks stock a Buy, while 2 rate the stock a Hold. With a return potential of 8%, the stock’s consensus target price stands at $191.26.

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