In a report released today, Yun Kim from Rosenblatt Securities initiated coverage with a Hold rating on Palo Alto Networks (PANW) and a price target of $220. The company’s shares closed last Monday at $211.18.
Kim commented:
“We are initiating coverage of PANW with a Neutral rating. We believe PANW is a transition story. The fundamental question among many investors is whether the company can successfully transition from its perimeter-based firewall roots to be relevant in today’s cloud-first world where the security perimeter is not clearly defined. In our view, the company has a compelling product vision and is well on its way of becoming the vendor with most comprehensive security solutions to address not just the cloud and not just the on-premise environments but a highly complex hybrid one, which is the real solution every large organization is looking for. To that end, the company already offers robust endpoint security and cloud security, including a cloud version of its firewall (NGFW) capabilities.”
According to TipRanks.com, Kim is a 5-star analyst with an average return of 18.8% and a 68.8% success rate. Kim covers the Technology sector, focusing on stocks such as Manhattan Associates, Mimecast Ltd, and Alteryx Inc.
Currently, the analyst consensus on Palo Alto Networks is a Strong Buy with an average price target of $269.50, implying a 24.9% upside from current levels. In a report issued on September 6, Northland Securities also assigned a Hold rating to the stock with a $240 price target.
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Based on Palo Alto Networks’ latest earnings release for the quarter ending April 30, the company reported a quarterly GAAP net loss of $20.2 million. In comparison, last year the company had a GAAP net loss of $2.3 million.
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Palo Alto Networks, Inc. engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan.
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